Foot Locker Stock Leaps on Report of Possible Takeover

Foot Locker is flying.

Shares of the athletic footwear retailer were recently up more than 60% in late trading after The Wall Street Journal reported that Dick’s Sporting Goods (DKS) was in talks to buy the company for about $2.3 billion.

The Journal said a deal could be completed by Thursday, and might value Foot Locker (FL) at $24 per share. That’s an 86% premium to Wednesday’s close of just under $13 and a price not seen since late last year. Foot Locker stock has lost some 40% of its value this year.

A deal at that per-share price would top Wall Street’s average price target of below $19, according to Visible Alpha data, though a couple of the analysts tracked by the service have higher targets on the shares.

Dick’s shares are down about 8% lower in 2025 as of Wednesday’s close and were sliding in after-hours trading.

Foot Locker is scheduled to report quarterly financial results on May 29. Dick’s results are set for a day earlier.