Foot Locker stock skyrocketed Thursday after Dick’s Sporting Goods said it had agreed to buy the shoe retailer for about $2.4 billion. Dick’s investors are less sanguine about the merger, as they question whether undertaking an ambitious turnaround project will hurt,

Dick's Sporting Goods has agreed to acquire smaller rival Foot Locker for $2.4 billion, the second major footwear deal this month after the buyout of Skechers, as the retailers navigate choppy demand and global trade uncertainties.