Nike shares closed Wednesday at $38.59 after reaching an intraday low of $38.17, their lowest closing level in 12 years. The stock has fallen 38% through August 26, 2026, and is on track for its worst annual performance in more than three decades. It is 78.55% below its November 2021 peak, at price levels last seen in August 2014. The downturn follows persistent operating pressure, including eight consecutive quarters of revenue declines in Greater China and a 45% drop in earnings before interest and taxes from China operations. Nike has appointed Jane Ewing as Chief Commercial Officer, effective September 7, to lead its global marketplace group, including sales operations and Nike Direct. Ewing spent nearly 14 years at Walmart, most recently as a senior advisor and executive team member for Walmart China, and previously served as interim CEO of Sam's Club China, senior vice president of Sustainability and senior vice president of International Operations. Analysts have a Hold consensus, based on eight Buy, 15 Hold and two Sell ratings, with a mean price objective of $50.05, implying about 30% potential upside. A monthly Relative Strength Index of 28.64 is below the usual oversold threshold of 30, while expanding volume and converging trendlines point to possible movement into the low $30s before year-end. Nike's investor day is scheduled for November 16 and 17, while new Sportswear merchandise is not expected until spring 2027.