Why Nike Stock Tumbled 20% in March
Things went from bad to worse for Nike (NYSE: NKE) last month as the struggling sportswear giant posted disappointing results in its fiscal third-quarter earnings report and warned that its performance would get even worse in the fourth quarter.
The blue chip stock fell to a seven-year low as it continues to lose market share to faster-growing upstart brands like Deckers' HOKA and On Holdings and investors grow impatient with the turnaround strategy under new CEO Elliott Hill.
Additionally, the company is facing macroeconomic pressure around tariffs and weak consumer discretionary spending. As a result, the stock lost 20% in March, according to data from S&P Global Market Intelligence.
Source Fool.com
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