Nike Slides on Dick's Disappointing Q2 Results

Nike's stock price slid in tandem with Dick's Sporting Goods after the latter reported disappointing second-quarter results, citing a challenging environment for athletic footwear and apparel.

Dick's own core business remained healthy, with comparable sales up 4.9%, but Foot Locker, which Dick's bought for $2.5 billion less than 12 months earlier, posted a $31.9 million segment loss, a reversal from the $110 million to $150 million in annual profit executives had guided toward just three months prior.

Nike's chart remains in a long-term downtrend, with shares losing nearly half their value over the past year and sitting roughly a quarter below its 200-day moving average of $52.40.