BUZZ - Nike shares drop as first-quarter sales fall short of expectations

October 1 - ** The stock price of sportswear giant Nike (NKE.N) fell 4.2% in after-hours trading to $33.69

** Due to weak demand in the Chinese market and intensified competition, Nike (NKE)'s first-quarter sales fell short of Wall Street's (link) expectations

** "We have more work to do in Nike Sportswear, Jordan Brand, and Greater China, and we are taking targeted actions to strengthen these businesses for the long term in the right way," said CEO Elliott Hill

** According to LSEG data, Nike is expected (link) to see a high single-digit decline in revenue for fiscal year 2027, while Wall Street expects a 2% decline

** The company also plans to (link) cut jobs to streamline its organizational structure and reduce costs

** Of the 44 brokerages, 13 rated the stock as "Buy" or higher, 25 as "Hold," and 6 as "Sell;" the median target price is $44 — data compiled by LSEG

** As of the close of the previous trading day, NKE's stock price had fallen 44.8% year to date

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