NKE, OPEN, MCD Stocks Plunge Amid Company-Specific Catalysts
Nike (NKE) shares plummeted to a fresh annual low after French soccer superstar Kylian Mbappe announced his switch from Nike to On Holding (ON). The news came as a blow to NKE, with its stock falling more than 2% at close. Meanwhile, Opendoor Technologies (OPEN) also hit a 52-week low amid ongoing housing market issues and delayed turnaround plans.
Nike's struggles are compounded by fierce competition in the soccer market, with On Holding now partnering with both Mbappe and Thierry Henry to develop soccer products. This move has been seen as a direct challenge to Nike and Adidas (ADDYY), which have long held a near-monopoly in the category.
MCD stock also fell to a fresh annual low as slowing U.S. growth continued to weigh on the company's shares, despite a reevaluation of its value strategy. McDonald's is working with franchisees on a 'longer-term' approach aimed at value-conscious customers and developing a 'near-term bridge plan' featuring temporary menu items.