Nike Plunges On Slashed Outlook As UBS Warns Against Catching A Falling Knife

Nike Plunges On Slashed Outlook As UBS Warns Against Catching A Falling Knife Nike shares are down nearly 10% in pre-market trading in New York after the struggling athletic footwear and apparel company warned its sales slump will deepen and unveiled a restructuring that will eliminate jobs. As of Thursday's close, year-to-date performance had been absolutely abysmal, with shares down 45%. The extended decline could now put the stock on track for its worst annual loss on record. The decline follows the sportswear giant's earnings release after hours on Thursday, when it stated that it now expects revenue to decline by a high-single-digit percentage this fiscal year, substantially worse than the 2.4% drop analysts tracked...

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