Nike’s stock just plunged sharply by 11%. The reason for this is Nike has an abundance of products right now, especially clothes. They are putting everything on sale now, which is why their stock just tanked. The company has a limited supply in 2021, and now they have extra. According to Nike’s CEO John Donahoe, Nike’s spring, summer, and fall goods arrived late, while their winter goods arrived earlier. Not only Nike, but other athletic companies’ also saw their share price fall, such as Under Armour, Adidas, and Dick’s.
Source: https://www.cnn.com/2022/09/30/business/nike-stock-discounts/index.html
