Nike Stock Plummets as On Holding Misses Expectations

Nike Inc.'s (NYSE:NKE) stock plummeted by over 3% on Monday, reaching a fresh 52-week low of $39.41.

This decline is deeper than the Consumer Discretionary sector's 0.8% drop and outpaces both the Nasdaq's 0.24% rise and the S&P 500's 0.15% fall.

The main trigger behind Nike's drop can be attributed to On Holding AG (NYSE:ONON), a premium competitor, which reported mixed second-quarter financial results on Tuesday.

On Holding posted quarterly earnings of 44 cents per share, beating the analyst consensus estimate of 41 cents per share, but its sales came in at $1.076 billion, missing the expected $1.110 billion.

The company's full-year 2026 sales guidance of $4.390 billion to $4.503 billion also fell short of market estimates, which were set at $4.490 billion.