India, May 15 -- Shares of DICK'S Sporting Goods, Inc. (DKS) slipped over 14% on Thursday morning after the company announced deal to acquire Foot Locker for an equity value of about $2.4 billion. The sporting goods retailer also announced preliminary first- quarter results, reporting earnings per share of $3.24 and adjusted earnings per share of $3.37, with comparable sales growth of 4.5%.
DKS is currently trading at $179.96, down $29.65 or 14.15%, above average volume of 3.0 million shares, above average volume of 1.5 million, on the Nasdaq. The stock opened its trading at $182.79 after closing Wednesday at $209.61. The stock has traded between $166.37 and $254.60 in the past 52-week period.
Under the terms of the merger agreement, whic...