Nike CEO says sneaker giant ‘lost its obsession with sport,' vows to revive iconic brand

Nike’s results beat modest estimates on Thursday and its shares jumped briefly, but the company soon dashed investor hopes and sent shares lower when a top executive predicted revenues would fall by double digits in the third quarter.Nike’s new CEO Elliott Hill warned of short-term pain as the embattled sportswear seller works to revive tepid demand for its brands. Shares of Nike surged 11% immediately after the earnings report but gave up those gains after Hill and CFO Matthew Friend reined in expectations ...