Billionaire Bill Ackman Is Betting Big on Nike. Down 57%, Is the Sportswear Stock Ready for a Comeback?

Nike (NKE -0.23%) has been through the wringer lately.The world's largest sportswear brand is suffering through one of the most challenging periods in its history. Revenue has now fallen for three quarters in a row and those declines are expected to continue. After a post-pandemic spike in 2022, revenue growth decelerated for seven quarters in a row, bottoming out with a 10% decline this summer. Along the way, Nike stock is down 57% from its peak in 2021, and it's ceded significant market share and mindshar ...