Covid-19 Sends Industry Stocks Down Nearly A Third
Share prices of sporting goods companies worldwide have taken a beating since the coronavirus outbreak began, falling 32.3% on average in the period from Chinese New Year through the end of the first quarter. The industry fared considerably worse than global markets as a whole: the Dow was down 24.4% over the same period; S&P 500, -21.6%; FTSE, -25.2%; Nikkei 225, -20.6%; and Hang Seng, -15.6%. As the pandemic spread, so did the selloff, starting with Asian companies and Western brands that had substantial exposure to Chinese retail. Once it became clear that Europe and North America would not be ... Log in to view full article.