Nike Q1 Earnings Preview: Can Momentum Signal Turnaround?

Nike Inc (NKE) is set to report its first-quarter financial results on Thursday after market close, providing investors with more signs of a potential turnaround. The company's shares have hit new 13-year lows, but experts see a glimmer of hope.

Nike's revenue is expected to decline to $11.33 billion in the first quarter, down from $11.72 billion in the same period last year, according to data from Benzinga Pro. The company has beaten analyst estimates for revenue in seven straight quarters and eight out of the past 10 quarters overall.

Despite this, Nike's stock technicals remain 'ugly', according to Freedom Capital Markets Chief Market Strategist Jay Woods. However, she notes that momentum is showing some bullish divergence, which could be a sign of a potential bottom for bulls.