Nike (NKE) shares closed at $38.59 on Wednesday, a 12-year low, after touching an intraday low of $38.17. The stock is down 38% in 2026 through August 26, putting it on pace for its worst calendar year since 1993 — the year Michael Jordan first retired. Shares now trade 78.55% below the near-$180 all-time high they set in November 2021, at levels last seen in August 2014.

Echoes of 1993

A Barchart comparison between 1993 and 2026 has been circulating widely, and the parallel is striking. In 1993, Nike had already fallen roughly 40% before Jordan's October retirement announcement. In 2026, NKE was already down about 29% before China headlines hit in April. The business problems behind both declines were real as well: in 1993, Nike's revenue dropped 3.6% and net income fell 18%.

China Pressure and Weak Fundamentals

In 2026, Nike's China EBIT is down 45%, and the company has posted eight straight quarters of declining Greater China revenue. A one-time tariff refund also flattered the most recent quarter's reported margin.

On the chart, the monthly RSI reading sits at 28.64, below the 30 level that signals oversold conditions — a rare reading on a monthly chart. Volume has climbed steadily through the decline, pointing to conviction behind the selling. Two converging trendlines were cited as suggesting the stock could reach the low $30s by year's end. Support sits at $38.41, with resistance at $43.21.

Nike Names Jane Ewing Chief Commercial Officer

Against this backdrop, Nike is making a senior leadership move. The company announced it has hired Jane Ewing as its new Chief Commercial Officer, effective September 7. Ewing spent nearly 14 years at Walmart — the world's largest retailer by revenue — where she held roles including senior advisor for Walmart China, interim CEO of Sam's Club China, senior vice president of Sustainability, and senior vice president of International Operations. Before that, she spent about nine years at Diageo in a senior global role.

What Nike Expects From the New Hire

CEO Elliott Hill said Nike has "put sport back at the center," rebuilt its product pipeline, and improved how it serves customers through Nike Direct and wholesale. He called Ewing a "builder" with global experience and strong ties to sport.

As Chief Commercial Officer, Ewing will lead Nike's global marketplace group, covering sales and Nike Direct. Her remit includes strengthening retail partnerships, improving digital and in-store service, and identifying new growth paths globally.

The hire is part of Nike's broader turnaround effort under Hill, a 32-year company veteran who came out of retirement in October 2024 to succeed John Donahoe as CEO. Since taking over, Hill has also worked to rebuild wholesale relationships after years in which Nike prioritized its own direct-to-consumer channels — a rebalancing that falls squarely within the marketplace role Ewing now holds. The running business has improved, but Converse and the China business remain under pressure.

Wall Street View and What's Next

Wall Street currently rates NKE as a Hold, based on eight Buy, 15 Hold, and two Sell ratings over the past three months. The average price target is $50.05, which represents about 30% upside from current levels.

History offers one reference point: after 1993, Nike gained 63.7% in 1994, 88.9% in 1995, and 73.6% in 1996 — though history does not guarantee a repeat.

Nike has scheduled an investor day for November 16 and 17, its first since October 2021, when the company last laid out its marketplace strategy for investors. New Sportswear product is not expected until spring 2027.

Source: CoinCentral