Nike's warnings on China should scare other companies that do business there

• Nike stock plunged on Friday after the athletic gear giant cut its fiscal-year sales outlook. 
• Sales in China fell short of forecasts, and the company warned of headwinds there. 
• That comes as China's post-COVID economic recovery has fizzled, with consumer demand remaining weak.

Nike sounded another alarm on China's economy, signaling that weak consumer demand may continue hanging over companies that do business there despite Beijing's efforts to stimulate growth.