NKE - Why Nike Stock Plunged 31% in the First Half of 2024
2024-07-11 16:44:06 ET
Shares of athletic apparel company Nike (NYSE: NKE) plunged 30.6% in the first half of 2024, according to data provided by S&P Global Market Intelligence . When taking out just two days of trading, the stock would have been roughly flat for the six-month period. But it reported financial results twice. And the stock took a hit both times, dropping it below the 14.5% return for the S&P 500 .
Nike's fiscal calendar differs from traditional calendars -- its fiscal 2024 ended in May. On March 21, the company reported financial results for its fiscal third quarter of 2024. And it reported for its fiscal fourth quarter on June 27. While the stock was already down year to date, the drop after its Q4 report was more pronounced.
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Why Nike Stock Plunged 31% in the First Half of 2024