Nike Inc. sponsors more basketball teams than anyone else in the NCAA tournament. However, an underdog like Under Armour now sponsors 12 teams, up from only one three years ago. The push mirrors intensifying competition off the court from smaller peers, which has Nike critics saying the company is losing ground. Nike sank the most since 2012 on Wednesday, pushing its 12-month decline to 17 percent after coming up short of sales estimates for the third quarter.
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