I’m not here to offer a long-term contrarian case for Nike (NKE). That’s going to be really hard to do, considering that the Barchart Technical Opinion indicator rates NKE stock as an ignominious 100% Strong Sell. Also, you just have to look at the facts. The ticker is down almost 39% — that’s for a reason and not a good one.
A quick look at Google Finance’s summary sheet reveals a sector-wide slowdown, alongside analyst downgrades and management shakeups. Wall Street experts project that Nike will incur sustained pressure next quarter, with flat earnings and soft demand imposing headwinds on turnaround efforts. Plus, you got to figure that the current economic situation isn’t helping much.
