5 Worst Performing Dow Stocks YTD

4. NIKE, Inc. (NYSE:NKE)   

Year-to-Date Share Price Performance as of October 11: -16.93%

Number of Hedge Fund Holders: 70

NIKE, Inc. (NYSE:NKE) creates, develops, promotes, and sells sports footwear, clothing, gear, accessories, and services across the globe. NIKE, Inc. (NYSE:NKE) is ranked 4th among the worst performing Dow stocks. On September 28, NIKE, Inc. (NYSE:NKE) announced first quarter results for fiscal year 2024. The company reported a GAAP EPS of $0.94, outperforming estimates by $0.18. Its revenue came in at $12.94 billion, falling short of estimates by $62.09 million.

NIKE, Inc. (NYSE:NKE)’s stock drop is linked to changing consumer behavior, particularly among millennial shoppers who, with the impending restart of student loan payments, have scaled back their spending on clothing and footwear. Instead, they are using their finances for services and experiences.

According to Insider Monkey’s second quarter database, 70 hedge funds were bullish on NIKE, Inc. (NYSE:NKE), in contrast to the preceding quarter when 81 funds had invested in the stock. Terry Smith’s Fundsmith LLP held the largest position in the company, with 6.7 million shares valued at $740.65 million.

ClearBridge Sustainability Leaders Strategy made the following comment about NIKE, Inc. (NYSE:NKE) in its Q2 2023 investor letter:

“Athletic footwear and apparel company NIKE, Inc. (NYSE:NKE), also a beneficiary of pandemic pull-forward demand, lagged primarily around fears about consumer resilience and potential pressure on Nike’s business in a macroeconomic slowdown.”