Nike stock pulls back as Wall Street has low expectations for Tuesday earnings

Nike stock sheds weight day before quarterly earnings. Nike will release fiscal Q1 earnings after the market close on Tuesday. In June, management set expectations low for Q1. Analysts are generally skeptical of NKE, some expectNike to cut full-year outlook. The market isn’t expecting much from Nike’s August quarter when it reports after the close on Tuesday. Shares of the vaunted footwear brand slid 1.2% in Monday’s session.

Analysts think that rising competition and a consumer base that is reeling in spending might be the culprits. Hedge funds like Pershing Square have been buying up shares in recent months, which has thrust the share price from the low $70s back to the high $80s. But that is nothing like the $120s of 2023 or 2021’s $170s. Analysts have been skeptical to say the least. Morgan Stanley has gone as far as to estimate that executives will reduce their annual outlook during the earnings call on Tuesday.

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