CNBC Pro

Curry's Under Armour swiping Nike sales: Street

Share
Stephen Curry #30 of the Golden State Warriors dribbles downcourt after stealing the ball from Mike Conley #11 of the Memphis Grizzlies.
Getty Images

Wall Street dunked on Nike's head Wednesday morning with Morgan Stanley and Bank of America Merrill Lynch downgrading the stock on concerns about weakening sales and rising competition.

"SportScan data shows Nike apparel sales trends have deteriorated significantly in 2016," Morgan Stanley's Jay Sole wrote in a note. "Adidas' U.S. resurgence is the biggest surprise and the most recent development — and this has changed the (Nike) thesis."


More In Pro News and Analysis

CNBC ProThese companies reporting earnings in the week ahead usually beat expectations and see their stocks rise
CNBC ProYields are driving the market action. Here's what chart analysts are watching before making a move
CNBC ProTop investor and author Charles Ellis talks meme stocks, crypto and how anyone can beat the market