Nike's stock drop would shave more than 50 points off the Dow's price
Shares of Nike Inc. (NKE) sank 5.1% in early trading Friday, enough to pace the Dow Jones Industrial Average's premarket decliners, after the athletic apparel and accessories giant reported fiscal first-quarter profit that topped expectations but revenue that came up short. The stock's implied price decline would shave about 53 points off the price of the Dow, while Dow futures were down 144 points, or 0.4%, ahead of the open. Nike's stock is on track to suffer the biggest one-day decline since June 2020. Through Thursday, it had rallied 19.5% over the past three months, while the Dow has gained 1.7%.
(END) Dow Jones Newswires
September 24, 2021 08:28 ET (12:28 GMT)
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