TLDR
- Nike stock closed at $38.59, a 12-year low, and is down 38% in 2026 through August 26
- The stock is 78.55% below its November 2021 peak, trading at levels last seen in August 2014
- Nike hired Jane Ewing, a former Walmart executive, as its new Chief Commercial Officer, starting September 7
- Greater China revenue has declined for eight consecutive quarters
- Wall Street has a Hold rating on NKE with an average price target of $50.05, implying 30% upside
Nike stock closed at $38.59 on Wednesday, hitting a 12-year low and touching an intraday low of $38.17. The stock is down 38% in 2026 through August 26, putting it on pace for its worst calendar year since 1993.
That was the year Michael Jordan first retired.
A Barchart comparison between 1993 and 2026 has been circulating widely. The parallel is striking. In 1993, Nike had already fallen roughly 40% before Jordan’s October retirement announcement. In 2026, NKE was already down about 29% before China headlines hit in April.
The business problems behind both declines are real, too.
Nike’s China Problem and Weak Fundamentals
In 1993, revenue dropped 3.6% and net income fell 18%. In 2026, China EBIT is down 45%, and the company has posted eight straight quarters of declining Greater China revenue. A one-time tariff refund also flattered the most recent quarter’s reported margin.
The monthly RSI reading sits at 28.64, which is below the 30 level that signals oversold conditions. That kind of reading is rare on a monthly chart. Volume has climbed steadily through the decline, pointing to conviction behind the selling. Two converging trendlines suggest the stock could reach the low $30s by year’s end.
Support sits at $38.41. Resistance is at $43.21.
Into this backdrop, Nike is making a senior leadership move. The company announced it has hired Jane Ewing as its new Chief Commercial Officer, effective September 7.
Ewing spent nearly 14 years at Walmart, where she held roles including senior advisor for Walmart China, interim CEO of Sam’s Club China, senior vice president of Sustainability, and senior vice president of International Operations. Before that, she spent about nine years at Diageo in a senior global role.
What Nike Expects From the New Hire
CEO Elliott Hill said Nike has “put sport back at the center,” rebuilt its product pipeline, and improved how it serves customers through Nike Direct and wholesale. He called Ewing a “builder” with global experience and strong ties to sport.
As Chief Commercial Officer, Ewing will lead Nike’s global marketplace group, covering sales and Nike Direct. Her remit includes strengthening retail partnerships, improving digital and in-store service, and identifying new growth paths globally.
The hire is part of Nike’s broader turnaround effort under Hill. Running has improved, but Converse and the China business remain under pressure.
Wall Street currently rates NKE as a Hold, based on eight Buy, 15 Hold, and two Sell ratings over the past three months. The average price target is $50.05, which represents about 30% upside from current levels.
After 1993, Nike gained 63.7% in 1994, 88.9% in 1995, and 73.6% in 1996. History does not guarantee a repeat.
Nike has scheduled an investor day for November 16 and 17. New Sportswear product is not expected until spring 2027.
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