Why Nike Stock Dropped 11% in June
(NYSE: NKE) stock fell 11% in June, according to data provided by S&P Global Market Intelligence. Investors were feeling negative about it as it got closer to earnings, especially since competitor Lululemon Athletica reported disappointing results early in the month. But it's already bouncing back.
Nike has gotten into a quagmire as several headwinds converged on it at the same time. It started with some internal decisions that didn't turn out as expected, including curtailing wholesale partnerships in favor of its direct-to-consumer business and devoting resources to its long-term franchises in place of innovating in sport. As these actions dragged on sales, inflation soared, hurting it further, and tariff changes put tremendous pressure on profits.
Image source: Nike.
Source Fool.com
Nike Inc. B Stock
The stock is one of the favorites of our community with 74 Buy predictions and 4 Sell predictions.
With a target price of 64 € there is a hugely positive potential of 66.13% for Nike Inc. B compared to the current price of 38.53 €.
