Shares of Nike Inc. sank 3.1% in premarket trade Wednesday, after a downbeat outlook offset a fiscal first-quarter profit beat. The price decline of $1.64 ahead of the open would shave about 11 points off the price of the Dow Jones Industrial Average . Dow futures were up 22 points ahead of the open. Nike’s stock shot up as much as 3.2% in after-hours trade Tuesday, after the athletic apparel and accessories giant beat profit expectations, but the stock turned lower after the conference call with analysts, in which the company cuts its full-year gross margin outlook. Analyst Sam Poser at Susquehanna Financial kept his rating at neutral but cut his stock price target to $47 from $54, citing continued struggles in North America and a lack of forward visibility. Nike’s stock has gained 1.4% over the past three months through Tuesday, while the Dow has climbed 4.6%.
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