The Globe and Mail reports in its Thursday, Oct. 3, edition that Nike's shares closed nearly 7 per cent lower on Wednesday after it withdrew its annual revenue target. A Reuters dispatch to The Globe reports that this move left investors guessing about the timeline for a turnaround under the incoming chief executive officer Elliott Hill. Nike also cancelled its investor day set for Nov. 19. Chief financial officer Matthew Friend said that pulling the outlook would give Mr. Hill "much-needed flexibility to evaluate Nike's strategies and business trends." Jane Hali & Associates analyst Jessica Ramirez said: "Just how quickly a turnaround can happen is up in the air. ... There's not anything really that I could say at this point gives us a definite timeline or early hints to what is in store for the future." Last month, Nike named veteran executive Mr. Hill as CEO in place of John Donahoe as demand dropped and rivals such as On Holding and Hoka gained market share, especially in high performance and innovative running shoes categories. Nike's forward price-to-earnings ratio for the next 12 months, a benchmark for valuing stocks, was 27.98, compared with 27.08 for Deckers and 35.14 for Adidas.