Last year was a surprisingly good one for U.S. stocks, as the S&P 500 Index ($SPX) rose a healthy 24% in 2023. However, Nike Inc (NKE) was a notable laggard, and finished the year among the worst-performing stocks on the Dow Jones Industrial Average ($DOWI).
The stock's performance took a particular turn for the worse in December, when the sneaker giant released its earnings for the fiscal second quarter of 2024. Not only did the company miss revenue estimates for the quarter, but it also lowered its full-year revenue growth forecast to a mere 1%, down from the previous guidance of mid-single-digit revenue growth. It was the second consecutive quarter when Nike missed revenue estimates, marking the first time since 2016 when it missed sales estimates for two straight quarters.
