Nike Inc. (NYSE:NKE) stock declined on Wednesday, primarily due to weaker-than-expected corporate earnings from key retail partner Dick’s Sporting Goods Inc. (NYSE:DKS), which raised concerns over a prolonged turnaround for the footwear giant.
The drop coincided with a rating cut from Wall Street.
The Nasdaq is down 0.09% while the S&P 500 has shed 0.05%, and Nike is lagging a sector that’s already weaker on the day.
• Nike stock is testing key support levels. Why is NKE stock at lows?
Nike is also trading below its recent 52-week low zone (the 52-week low was $38.86, versus the current $38.52), which can keep pressure on as stops trigger and dip-buyers wait for a clearer base.
