NEW YORK (TheStreet) -- Shares of Foot Locker (FL) are tumbling, down 6.95% to $53.86 on heavy volume in late morning trading Friday, after Nike's (NKE) global "futures orders" for the end of the second quarter showed the slowest growth in four quarters.
Nike said worldwide futures orders -- a metric that shows how much merchandise the company expects to ship in the coming months -- at the end of the second quarter was 11% higher, excluding currency changes, than a year ago. Analysts were expecting a 11.3%, according to Reuters.
In Western Europe, futures orders rose 13%, below the 15% growth analysts expected.
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New York City-based Foot Locker is a global retailer of athletic shoes and apparel, operating 3,460 stores, including 74 franchised stores.
About 2.72 million shares of Foot Locker traded hands as of 11:11 a.m. Friday, compared to its average volume of about 2.6 million shares a day.
Separately, TheStreet Ratings team rates FOOT LOCKER INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation: