Nike Shares Hit 10-Year Low Amid Stalled Turnaround Efforts

Nike Inc. shares fell to their lowest level in a decade as the company's turnaround strategy faces challenges. The stock decline follows a disappointing earnings report and revised outlook.

• Nike shares hit a 10-year low following disappointing earnings guidance
• Management expects 2% to 4% revenue decline in current quarter
• Outlook shows low single-digit revenue declines for rest of calendar year
• Analysts had projected 2% sales growth for the quarter
• Stock decline impacts consumer discretionary sector sentiment