Nike's Biggest-ever Price Drop Can Be Blamed For Dow's Fifth-straight Loss
Nike Inc. is an easy scapegoat for the Dow Jones Industrial Average's fifth-straight loss Wednesday, as the athletic apparel company's stock suffered its biggest price decline since it went public in December 1980. The stock plunged $4.09, or 7.05%, after the company provided late Tuesday a tepid sales outlook along with its fiscal third-quarter results. The price decline shaved about 28 points off the price of the Dow, which closed down 6.71 points. In comparison, the S&P 500 closed up 0.2% and the Nasdaq Composite gained 0.5%. Meanwhile, Nike's one-day percentage decline was the biggest since June 29, 2012. The stock has lost 17% over the past 12 months, while the Dow has climbed 18%.
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