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NKE stock fell 6.90% in a week and 14% in the current streak.
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Chinese market scenario is the cause of the recent drop.
Nike Inc. (NYSE: NKE) stock is battling the longest losing streak since its IPO in 1980, mainly due to the Chinese market scenario. The share price plummeted consecutively amidst declining demand in China. It is causing the footwear and apparel giant to lose 20% of its market capitalization in 2023.
Nike Inc. (NKE) Stock – Are its Financials Strong Enough to Fight the Chinese Situation?
China has always been a critical growth market for Nike, but the current macroeconomic scenario in the country is creating troubles. Investor sentiment dwindled for the sportswear giant after a lackluster earnings report on June 29, 2023. Nike’s primary wholesale partner, Foot Locker, also reported negative earnings and lowered guidance.
Considering the global financial scenario, the buyers are getting selective in spending on non-essentia
We współpracy z: https://www.thecoinrepublic.com/2023/08/24/nike-inc-nke-stock-facing-biggest-losing-streak-since-1980/
