Why Nike Stock Plunged Today
Shares of Nike (NYSE: NKE) were plummeting today along with the broader market as the world's largest sportswear company said on Saturday that it would close stores in North America, Western Europe, Australia, and New Zealand through March 27 in order to limit the spread of the coronavirus.
The news came as a number of other retailers like Apple and Under Armour made similar moves, while some retail chains reduced operating hours. Nike's decline was in line with the S&P 500 today, which crashed as the COVID-19 outbreak continues to expand in the U.S., forcing closures of schools and businesses, and hammering the consumer economy.
Today, Nike finished down 11.6%, which was slightly better than the 12% drop in the S&P 500.
Source Fool.com
