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00:02Nike shares fell 2.55% Tuesday as investors reacted to weak results from Dick's Sporting
00:10Goods and growing pressure in the athletic footwear market, according to Benzinga.
00:14Dick's shares sank more than 28% after the retailer cut its full-year profit outlook,
00:20driven largely by weakness at Foot Locker. The sneaker chain posted a $31.9 million
00:25quarterly segment loss as comparable sales fell 3.6%, reversing expectations for $110 million
00:32to $150 million in annual profit. Nike has lost nearly half its value over the past year and
00:38trades about 25% below its 200-day moving average of $5240. Shares are about 3.5% below their
00:4520-day
00:45average and 6% below their 50-day average, leaving the stock vulnerable to renewed selling.
00:50Shares were down by 0.08% at 39.45 in Wednesday's pre-market trading.
00:56The stock is trading near its 52-week low of 38.86, according to Benzinga Pro.
01:01For all things money, visit Benzinga.com.
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