Nike stock plunges on surprise forecast of drop in sales

It was the worst day ever for the stock with losses wiping out $28.4bn from Nike’s market valuation.

Nike’s stock has plunged as a forecast for a surprise drop in annual sales amplified investor concerns about the pace of the sportswear giant’s efforts to stem market share losses to upstart brands such as On and Hoka.

It was the worst day ever for the stock, which slumped 20 percent on Friday, with the losses wiping out $28.41bn from the company’s market valuation.

On Thursday, the…