Nike Stock Tanks Almost 20% To 4-Year Low: Why The Sneaker Giant's Struggling [Forbes]
Under Armour, Inc. Class C (UA)
Last under armour, inc. class c earnings: 2/11 06:55 am
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Source: Forbes
A Nike store in Shanghai. Nike's stock was down 19.2% by 11 a.m. EDT, on pace for its steepest single-day drop since 2001 and the second-worst day in its 44-year history as a publicly traded company. The plummet sent Nike's share price to its lowest price since March 2020; other than that month, when the global stock market briefly crashed due to COVID-19 lockdowns, it's Nike's lowest price since January 2019. Precipitating the decline was Nike's Thursday afternoon earnings report which disclosed a 2% decline in its quarterly sales ending May 31 and a warning that the company expects a 10% year-over-year decline, than the 3% drop indicated by consensus analyst estimates. Nike's “fundamental trends are much worse than we realized” and “there will be no quick rebound for Nike's earnings,” UBS analysts led by Jay Sole wrote to clients Friday, downgrading their rating for Nike's stock from a buy to neutral. Get Forbes Breaking News Text Alerts: We're launching text message aler
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