Frankfurt-listed Nike shares drop on forecast withdrawal; Adidas up
** Nike's Frankfurt-listed shares NKE.F fall 5.7%, while Adidas ADSGn.DE rises 2%, after the U.S.-based sportswear giant withdrew its annual revenue forecast on Tuesday
** Given Nike's comments that many of its challenges are company-specific and its acknowledgement that this is causing weakness vs. peers, J.P.Morgan sees limited read-across to rivals Adidas, On ONON.K and Puma PUMG.DE
** "If anything, comments on the call ... seems to testify to the current strength of other key players in the market, notably, in our view, Adidas," JPM says
** Puma shares slip 0.4%
** Jefferies says Nike's Q1 2025 results show it has increasingly lost market share, particularly in running; it notes that while Nike has faced competition before, the current situation differs from when only Adidas was its main competitor
** A new CEO is set to take the helm at Nike ahead of a holiday season likely filled with discounts and weak traffic on its website and mobile apps
** Jefferies says it believes On, Hoka, New Balance and Adidas will gain shelf space as Nike works on reinvigorating demand
Reporting by Linda Pasquini
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