Nike shares plunge after sneaker giant warns sales could fall by double digits

Nike’s shares plummeted Friday as investors grew wary about new CEO Elliott Hill’s turnaround plans after the struggling sneaker giant warned that sales could plunge by double digits.On Thursday, the company reported a 9% sales decline during the all-crucial holiday season quarter,— including a 17% slump in quarterly sales in China — and forecast a steeper-than-expected drop in fourth-quarter revenue.Nike said sales will be down in the “mid-teens range” for the quarter that ends in May in an earnings call. ...