BEAVERTON, Ore. — Nike shares slipped again Wednesday, hovering just above a fresh 52-week low as investors treated the sportswear giant's turnaround as a multiyear project with China still unfinished.

The stock traded at $37.06 around 12:09 p.m. Eastern, down $1.04, or 2.74%. It touched $37.95 on Sept. 3, then closed Sept. 4 at $38.40. The 52-week high is about $77. The November 2021 peak near $179 is now a historical footnote: the shares are down roughly 79% from that high, and the company that once commanded a 50-times earnings multiple now trades in the low-to-mid 20s on underlying profit.

There was no new quarterly print on Wednesday. The tape is still digesting fiscal 2026 results released June 30 for the year ended May 31, and a first-half fiscal 2027 outlook that calls for more sales declines. Broader pressure on discretionary names — oil near $100 a barrel after fighting around the Strait of Hormuz — did not help a brand that sells $150 sneakers.

Fiscal 2026 revenue was $46.4 billion, flat in dollars and down 2% in constant currency. Diluted earnings were $2.10 a share, down 3%. Strip out a one-time tariff recovery and underlying earnings were about $1.58, according to analyses of the company's own breakout. Net income was $3.1 billion, versus $3.2 billion a year earlier. Nike Direct, the stores-and-apps channel that was supposed to be the future, fell 6% to $17.7 billion. Digital dropped 12%. Wholesale was........

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