Nike Inc (NYSE:NKE) shares are dropping Tuesday in sympathy with Dick's Sporting Goods, after the retailer reported worse-than-expected second-quarter results and flagged a challenging environment for athletic footwear and apparel.

The sports retailer cut its profit outlook amid a “challenging” market.

Dick's Sporting Goods reported second fiscal quarter revenue on Tuesday that missed Wall Street expectations amid what it called a "challenging" environment.

Dicks Sporting Goods shares plunged 22% after second-quarter earnings missed estimates and the retailer cut its full-year outlook. Weak Foot Locker sales, integration challenges…