Shares of footwear and athletic apparel stocks are trading lower in sympathy with Nike, which fell after reporting mixed Q2 results, lowering its outlook and announcing cost savings plans.
Portfolio Pulse from Benzinga Newsdesk
Footwear and athletic apparel stocks are trading lower following Nike's mixed Q2 results, reduced outlook, and announcement of cost-saving measures. This has created a negative sentiment across the sector, impacting related stocks.
December 22, 2023 | 12:40 pm
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NEGATIVE IMPACT
Dick's Sporting Goods is trading lower in sympathy with Nike's disappointing financial update and cost-saving plans.
As a retailer of athletic apparel, Dick's Sporting Goods is likely to be affected by the negative sentiment generated by Nike's report, which could impact consumer confidence and spending in the sector.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Foot Locker's stock is down due to the negative industry sentiment caused by Nike's recent earnings report and lowered guidance.
Foot Locker, being a key seller of Nike products, is directly impacted by the market's reaction to Nike's performance and future expectations, potentially affecting its sales.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Lululemon Athletica's shares are trading lower, influenced by the broader market reaction to Nike's earnings and outlook revision.
Lululemon, as a competitor in the athletic apparel space, is experiencing a downturn in stock price due to the sector-wide impact of Nike's financial news.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Skechers USA Inc. is seeing its stock price decline in response to the negative sentiment surrounding Nike's latest financial disclosures.
Skechers, another player in the footwear industry, is affected by the ripple effect of Nike's less-than-stellar earnings report and the subsequent bearish outlook for the sector.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Under Armour's stock is down, mirroring the industry trend set by Nike's disappointing earnings and forward-looking statements.
Under Armour is susceptible to the same market forces affecting Nike, as they are direct competitors in the athletic apparel market, leading to a potential decrease in investor confidence.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Under Armour Inc. (Class A) shares are also trading lower, in line with the negative performance of the sector following Nike's earnings report.
Under Armour Inc. (Class A) is facing a downturn in stock price due to the broader market's reaction to Nike's financial update, which could signal a challenging environment for similar companies.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70