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Nike warned of slower but still robust earnings growth in fiscal 2001, starting June 1, citing a decrease in U.S. athletic apparel stores as retailers consolidate and potential pressure on overseas profits from a strong U.S. dollar. Trading in Nike stock surged and its price fell 19% in a single day, Feb. 8. Nike forecast earnings per share in fiscal 2000 would grow at least 20%, slightly below analysts' estimates, and fiscal 2001 would see growth in the "midteens." In trading Friday, Nike closed at $34, down 27.18% for the week.
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