Nike skids on quarterly margin drop, China woes

Shares of Nike NKE.N slump 10% to $58.68, touches their lowest since May

Stock also on track for its worst day since April

Reports drop in gross margins for the second consecutive quarter and sixth straight quarterly sales drop in China

NKE also forecasts Q3 revenue below estimates - data compiled by LSEG

Ten brokerages cut PTs on NKE

Barclays notes recovery of full-price selling in Greater China is "difficult and unenviable"

Jefferies says marketplace cleanup and portfolio resets are rebuilding partner trust and positioning NKE for long-term growth

24 of 40 brokerages rate the stock "buy" or higher, 14 "hold" and 2 "sell" or lower; their median PT is $77

Up to last close, shares down about 13% YTD