Why Is Nike (NKE) Stock Down 20% Today?

Shares of Nike (NYSE:NKE) are plunging lower by 20% after the footwear and apparel giant reported a disappointing fiscal 2024 fourth-quarter earnings amid rising competition. NKE stock is set to have its largest one-day decline since 2001.During the quarter, revenue fell by 2% year-over-year to $12.6 billion, falling short of the analyst estimate for $12.86 billion. Of the revenue, $7.1 billion was attributed to wholesale, which rose by 5%. Direct-to-consumer (DTC) revenue fell by 8% to $5.1 billion.The com ...