Nike Stock Gaps to 4-Year Lows After Downgrade

Group 1 - Citigroup downgraded Nike Inc (NYSE:NKE) stock to "neutral" from "buy," lowering its price target to $72 from$102 due to a disappointing meeting with the retailer's CEO [1] - Nike's stock is down 3% to $69.59, marking its third consecutive loss and worst weekly performance since June, with a year-over-year deficit of 32.8$69.41, breaching a critical support level at $70 [2] Group 2 - Options volume for Nike is running at double the intraday average, with 38,000 calls and 30,000 puts exchanged, indicating heightened trading activity [3] - The most active options contract is the January 70 put, with new positions being opened [3] - Nike's 50-day call/put volume ratio of 2.32 ranks higher than 88% of readings from the past year, suggesting traders have been more bullish than usual [3] Group 3 - The Schaeffer's Volatility Index (SVI) for Nike stands at 28%, which is in the 18th percentile of the last 12 months, indicating that options are an attractive route regardless of market direction [4]