Nike stock enters the bear market
Nike shares are down for a ninth consecutive day, on pace for their longest losing streak ever, according to Dow Jones Market Data.
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@Nike shares are down for a ninth consecutive day, on pace for their longest losing streak ever, according to Dow Jones Market Data.#nike #consumers #markets pic.twitter.com/PrRcFCsyUa
— The_Journalbiz (@the_journalbiz) August 22, 2023
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Concerns over China’s wobbling economy and North American consumers cutting back discretionary spending are hitting the sportswear giant, which has recently used discounts to boost sales and cut inventories.
Nike offered a revenue forecast below Wall Street expectations on its most recent earnings call in June, and several analysts have slashed their Nike share price targets this summer.
Nike shares are down 7.2% over the current losing streak.
