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Nike (NKE) stock dipped on Tuesday after the company received two significant analyst downgrades, and one of the biggest reasons for this cautionary stance is based on increased competition from one sportswear power in particular: Adidas (ADDYY).
Why should this small part of the top line matter to investors?
The slowdown in U.S. sneaker sales looks like it’s only getting worse, and there’s little that companies can do about it in the short-term. Nike and Under Armour are desperate to create innovative new sneakers to spark a new sales boom. There are simply too many sneakers in North America sitting untouched in sporting goods stores or warehouses.