๐ Nike $NKE slides -4% to 12-year low โ China craters 11%, JPMorgan downgrades to sell
Nike (NKE) touched its lowest level in 12 years Tuesday, falling roughly 4% as rival On Holding's below-consensus full-year revenue guidance ($4.39Bโ$4.50B vs. $4.49B estimate) dragged the whole footwear sector lower. NKE's own China struggles are ugly: Greater China revenue fell 11% YoY last quarter with digital DTC down 29%. JPMorgan piling on with a downgrade to Sell hasn't helped. Not financial advice. At 12-year lows, is NKE a contrarian buy โ or is the brand story broken?
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