Nike Says the Stock Market Will Get a Lump of Coal for Christmas
It's barely October, but Nike (NYSE: NKE) is already playing the Grinch this year. Shares of the sportswear giant tumbled 13% last Friday after it forecast a rough holiday season, and cast a shadow over the broader retail industry. At a market cap of more than $130 billion, Nike is one of the world's most valuable consumer brands, and it's worth paying attention to what it has to say about the consumer environment because consumer spending in the U.S. represents 70% of gross domestic product.