Dick's Plunges Record Amount; Wall Street Downgrades Nike Too

DKS -1.64% TFC -0.17%

1. 1Dick's Sporting Goods (DKS) posted its largest-ever one-day drop and faced Wall Street downgrades after lowering its annual outlook in part due to weak Foot Locker demand.
2. 2Dick's, down more than 30% the previous day, was downgraded by Truist, Telsey and KGI, while Barclays cut its price target from $280 to $150.
3. 3Telsey said the Foot Locker turnaround could be delayed by several quarters, while Truist downgraded Nike (NKE) to Hold.

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