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- Nike (NYSE:NKE) is down in premarket trading after a report that it has canceled orders to one retailer until next year.
- The stock is off 1.6% in premarket trading.
- Newsweek reported a tweet from Brendan Dunne, co-host of the sneaker podcast "Full Size Run" that shared a screenshot of an e-mail from Nike to the retailer.
- "COVID-19 continues to impact the global supply chain and create transportation disturbances," the company says. "As a result of this dynamic and unprecedented situation, we regret to inform you that Nike Futures orders in (spring 2022, summer 2022) and the balance of the (holiday season 2021) will be canceled."
- Newsweek sought comment from Nike (NKE) but has not reported any response.
- Nike reports earnings next month and supply chain issues will be in focus. It gets a D+ grade from Seeking Alpha's Quant Rating for its earnings revisions trend.
- There have been 20 downward revisions for EPS estimates on the upcoming quarter from analysts and no upward revisions.
