Nike Inc. (NKE) - Get Report was down in premarket trading Tuesday after Morgan Stanley downgraded the stock on slowing sales in North America.

Nike was down 2.1%, indicated to open at $52.60. Shares closed at $53.73 Monday after losing 0.32%.

Sales in North America have slowed "much more than anticipated" since the companies fourth quarter earnings, Morgan Stanley analyst Jay Sole wrote in a Tuesday note. Sole cut Nike's full year 2018 earnings per share target to $2.44 from a previous $2.58.

Sole also cut the sports shoe maker's sales forecast to a 2% decline from 3% growth. The move by Morgan Stanley comes are commentary from sports retailing companies such as Dick's Sporting Goods show that Nike sales have slipped and prices are expected to decline.

Morgan Stanley said it was concerned that Nike has lost some of its core customers to Adidas (ADDYY) .

The move to downgrade Nike, comes after Finish Line Inc. (FINL) on Monday slashed its forecast and adopted a poison pill. Shares in the retailer were down 29.5% in premarket trading, indicated to open at $7.39, after closing at $10.42 on Monday.

The Indianapolis-based company said it expects to report fiscal second quarter sales of $470 million and per-share profit of 8 cents to 12 cents.

"The marketplace for athletic footwear became much more promotional as our second quarter progressed resulting in challenging sales and gross margin trends," Finish Line CEO Sam Sato said in a statement.

Foot Locker Inc. (FL) - Get Report this month also unveiled weaker than expected sales in its latest quarter, showing worrying signs for the sporting goods market. Foot Locker shares were down more than 3% in premarket training.

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