Nike shares drop nearly 20%, worst day on record

Nike shares on Friday “tumbled nearly 20%” after the company said that it expected sales to decline in its new fiscal year. It was the “biggest one-day drop in Nike history,” wiping out roughly $28B in shareholder wealth. Even before Friday’s tumble, Nike’s stock had been “heading steadily downward” after climbing above $170 in November 2021. Shares closed Friday at $75.36. Before Friday, a one-day 19.5% price drop on Feb. 27, 2001, was the worst day for Nike’s shares (Portland OREGONIAN, 6/28). This marks the “worst trading day in the company’s history since its IPO in Dec. 1980” (CNBC.com, 6/28).