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DeepNewz, mobile.
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Nike's stock ($NKE) has hit a 52-week low, closing at its lowest price since the onset of Covid. The stock is now down 58% from its peak in November 2021, marking the biggest drawdown since 2000. Nike announced that it expects sales to decline at a 'mid single digit' percentage in the current fiscal year. This announcement has contributed to a recent 20% drop in the stock over the past two weeks. The stock is currently flirting with a 60% drawdown, is only 13 points away from its Covid low of around $60, and has reached 6-year lows.