SPORTS STORES DROP AS NIKE DECIDES TO SELL ON AMAZON

Shares in several major U.S. sports chains hit 52-week lows on word that Nike may soon be selling its gear directly on Amazon.com. Goldman Sachs said Wednesday it believed the deal would give Nike better exposure to Amazon’s huge retail channel and customer base, especially millennials. Nike goods can already be found on Amazon subsidiary Zappos.com and its shoes and gear can be found through third-party sellers on Amazon.com. Goldman believes the deal would give Nike better control of its brand’s presentation on the site. But investors saw mostly the pull of Amazon, sending shares of Dick’s Sporting Goods Inc., Hibbett Sports Inc., Big 5 Sporting Goods Corp., Finish Line Inc., and Foot Locker Inc. dropping between five per cent and seven per cent Wednesday.