Stocks

Nike Stock Crashes to New Low Amid Rival On's Underwhelming Outlook

Guavy AI Editorial Team Published August 17, 2026

Instruments

NKE

Nike's stock price plummeted to its lowest level since September 2024 on Monday, dropping over 4% to below $40. The decline pushed Nike (NKE) to a fresh 52-week low of $39.41, erasing approximately 78% of the company's market value from its all-time high in 2021.

The selloff was triggered by rival On Holding's (ONON) mixed second-quarter results and below-market full-year revenue outlook for 2026. David Allemann, founder and co-CEO of On, stated, 'We are proving that a brand can achieve global scale without compromising its premium brand positioning.'

Nike's fundamental picture remains challenging, with revenues still contracting and earnings growth heavily reliant on one-time items. CEO Elliott Hill has been struggling to turn the company around since his return in October 2024.

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