: Foot Locker on track for worst week since November of 2008 after earnings disappointment

Foot Locker Inc.’s stock FL has fallen 32.2% this week, putting it on track for its worst week since November of 2008, when the financial crisis was slamming the market, according to Dow Jones Market Data. The stock has been clobbered by the sporting goods retailer’s weaker-than-expected second-quarter earnings, which showed it swinging to a loss and suspending its dividend to conserve cash. Dick’s Sporting Goods Inc., meanwhile, saw its stock DKS fall 21.7%, to put it on track for its worst week since March of 2020 as the pandemic was heating up. Dick’s second-quarter profit missed Wall Street’s consensus estimate by a wide margin, while sales also fell short, and the company squarely blamed shoplifting for its woes.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.