We are downgrading our rating on the stock due to our belief that the company's international prospects were likely weaker in 3Q than we had previously anticipated.
More Quotes from John Shanley:
They (Reebok) got a wake-up call in terms of Nike's announcement in terms of recognizing the need to improve the fashion content of their apparel business,John Shanley
The business prospects on the international front continue to become more and more important for Nike.
John Shanley
They really have tried to have a very different product, and they had to do that simply because Nike is such a huge force in the marketplace, with about a 44 percent of market share in this country.
John Shanley
I don't think there's any question they are going to pick up some market share position in the back half of the year and the spring of 2001, ... The reason for that is a significant improvement in terms of the styling content of their product line. We're seeing a renewed consumer interest in athletic footwear overall, and they're filling a fairly large void in the marketplace right now.
John Shanley
We knew Europe and Asia-Pacific (future orders) would be difficult, but not to the extent the company just reported.
John Shanley
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