Why Nike Stock Lost 15% in March
Nike (NYSE: NKE) stock plunged on Wednesday after a disappointing third-quarter earnings report, but the stock was already slumping heading into the report.
While the broad market was down sharply last month due to the Iran war, Nike fell even further, giving up 15% according to data from S&P Global Market Intelligence.
There wasn't much major company-specific news out on Nike, and the stock instead moved like a levered S 500 fund last month. However, that makes sense given that Nike is one of the biggest consumer discretionary companies in the world, and it has a lot to lose from a global recession, should the spike in oil prices and turmoil from the war cause one.
Source Fool.com
Nike Inc. B Stock
€36.63
0.420%
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