Under Armour, Nike, Foot Locker Stocks Battered After Spate Of Downgrades, Price Target Cuts

Under Armour Inc. , Foot Locker Inc. and Nike Inc. are among the stocks that have fallen in Monday trading after a number of analysts downgraded sporting goods shares or cut their price targets. Under Armour is the biggest loser, down 3.7%, followed by Foot Locker, down 3.6%, and Nike, down 2.7%. The sporting goods sector is challenged by a promotional environment fueled by a number of bankruptcies and liquidations, like that for The Sports Authority. There are also concerns about slowdowns in certain areas of the sporting universe, such as golf, and the shift that many brands are making to direct-to-consumer selling. The SPDR S&P Retail ETF is down nearly 1% in Monday trading, and down 14.1% for the year so far. The S&P 500 index is up 8.1% for 2017 so far.

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