NKE shares plunge 4.3% to an 11-year low, erasing over $200 billion in market value amid weak sales and analyst downgrades.
Nike Inc (NKE) shares fell 4.3% to their lowest level since September 2014, wiping out more than $200 billion in market value since the stock’s 2021 peak. The decline reflects investor skepticism over the company’s turnaround efforts amid soft direct-to-consumer sales and a fresh analyst downgrade.
The stock has dropped 78% from its record high, with analysts projecting muted revenue next quarter. UBS data showed secondary-market prices for Nike and Jordan footwear weakened in July, marking the third straight month of declines. Jordan brand prices fell 2.8% year-over-year, a sharp deterioration from June’s growth.
UBS described the data as a modest negative, indicating Nike still faces challenges in restoring sustainable sales growth and margin expansion. The bank noted that investor confidence in a turnaround remains low until visibility improves on a return to positive growth.