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Nike and Under Armour are both trading lower on Tuesday, as sporting retailers like Finish Line struggle against pressures from online retailers. Nike is down 2.40% to $52.44 and Under Armour is down 3.30% to $15.26m which is the lowest the company has traded this year.
Online retailers like Amazon have been driving down the share prices of a number of different industries recently. The company finalized its $13.7 billion acquisition of Whole Foods on Monday and has already lowered prices, changed some signage and started selling its own products in the stores.
Finish Line's board adopted a shareholder rights plan on Monday, which would allow shareholders the option to buy more shares of Finish Line if a single investor amasses a 12.5% stake in the company. That type of plan is often called a "poison pill" plan and is designed to protect the company from a hostile takeover.
The company also lowered its earnings estimates from $1.12-$1.23 per share to $0.50-$0.60 per share. Finish Line fell as much as 31% in premarket trading after the news and is currently trading about 19.4% lower.
