Nike forecast cut rattles sportswear stocks as spending stumbles

Nike's stock sank 10% on Friday and dragged shares of other sportswear companies after weak consumer spending forced the Air Jordan 1 shoemaker to cut its annual revenue forecast and signal a profit-over-sales strategy shift. The company also laid out a $2 billion cost-saving plan on Thursday and said it was adopting a "more prudent approach" to planning for the rest of the year, blaming the forecast cut on weakness in its online business and increased promotions.That sent shares of rivals Adidas and Puma d ...