1106 GMT - Adidas and Puma have more time to gain market share in light of Nike's underperformance, Warburg Research analyst Joerg Philipp Frey writes in a research note. The U.S. sneaker giant withdrew its full-year guidance and cancelled its planned investor day as it continues with its CEO transition. The company has underperformed for several quarters now when compared to its German peers Adidas and Puma, the analyst says. Nike's figures and outlook shouldn't be seen as indication of a substantial deterioration in the overall market but rather company-specific, he adds. Shares in Adidas are up 1.8%, while Puma stock is down 0.3%. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
October 02, 2024 07:06 ET (11:06 GMT)
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