Nike's (NYSE: NKE) stock tumbled 13% on Sept. 30 in response to its latest earnings report. In the first quarter of fiscal 2023, which ended on Aug. 31, the athletic footwear and apparel giant's revenue rose 4% year over year (10% in constant currency terms) to $12.7 billion, which beat analysts' estimates by $140 million. Nike's business has remained resilient during previous downturns.
Conditions continue to be challenging for stocks, and investors need to prepare themselves for more volatility and an ongoing bear market. Consider these stock market predictions for October, and manage your portfolio for long-term success. Investors have spent most of this year wondering if we've hit the stock market bottom.
It's barely October, but Nike (NYSE: NKE) is already playing the Grinch this year. Shares of the sportswear giant tumbled 13% last Friday after it forecast a rough holiday season, and cast a shadow over the broader retail industry. At a market cap of more than $130 billion, Nike is one of the world's most valuable consumer brands, and it's worth paying attention to what it has to say about the consumer environment because consumer spending in the U.S. represents 70% of gross domestic product.