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Sept. 30, 2022, 6:37 a.m. EDT

Nike stock tumbles, to cut nearly 60 points off the Dow's price

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By Tomi Kilgore

Shares of Nike Inc. /zigman2/quotes/203439053/composite NKE -0.65% sank 9.3% in premarket trading Friday, putting them on track to open at the lowest price seen in more than two years, after the athletic apparel and accessories giant warned that it will have to cut prices to clear excess inventory, hurting profit margins. The stock was the only one of the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.45% components that was falling in the premarket, as Dow futures /zigman2/quotes/210407078/delayed YM00 -0.29% rallied 175 points, or 0.6%. Given that Nike's stock was the eighth lowest-priced Dow stock at $95.33 as of Thursday's close, and the Dow is a price-weighed index, the implied price decline from the big percentage selloff would shave only about 58 points off the Dow's price. In comparison, a similar percentage decline in the Dow's highest-priced stock, UnitedHealth Group Inc.'s /zigman2/quotes/210453738/composite UNH +1.49% at $503.83, would cut about 311 points off the Dow's price.

/zigman2/quotes/203439053/composite
US : U.S.: NYSE
$ 105.96
-0.69 -0.65%
Volume: 3.43M
Nov. 25, 2022 1:10p
P/E Ratio
30.09
Dividend Yield
1.28%
Market Cap
$165.79 billion
Rev. per Employee
$596,953
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,347.03
+152.97 +0.45%
Volume: 0.00
Nov. 25, 2022 2:32p
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/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 34,257.00
-99.00 -0.29%
Volume: 21,629
Nov. 28, 2022 2:44a
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/zigman2/quotes/210453738/composite
US : U.S.: NYSE
$ 537.62
+7.91 +1.49%
Volume: 1.42M
Nov. 25, 2022 1:10p
P/E Ratio
26.33
Dividend Yield
1.23%
Market Cap
$502.32 billion
Rev. per Employee
$900,337
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