NKE Analysis: Nike's Q3 Earnings Preview Looms as the Stock Slides 5% Below Its 50-Day Average — Is Elliott Hill's Turnaround Stalling?
Nike, Inc. (NYSE: NKE) is giving back ground at precisely the wrong time. The stock fell 2.8% on February 28, 2026 to $62.18, extending a 5.2% weekly decline that has pushed shares below the 50-day moving average of $63.42 and within striking distance of its $52.28 52-week low. At $91.9 billion in market capitalization, Nike is now valued at less than half the peak it reached during the pandemic sneaker boom. The timing of this selloff is notable. Nike just announced that its Q3 fiscal 2026 earnings will be released on March 31 — originally scheduled for April 2 but moved up to accommodate holidays. Meanwhile, billionaire hedge fund manager Ole Andreas Halvorsen of Viking Global has fully liquidated his Nike position, a move that rarely goes unnoticed by institutional followers. CEO Elliott Hill, who returned to lead the company in October 2024 after a 32-year Nike career, has been executing a back-to-basics turnaround focused on product innovation, direct-to-consumer rebalancing, and rebuilding wholesale relationships. Two quarters into his tenure, the financial results remain mixed — and the stock's persistent weakness suggests the market wants more proof before buying the turnaround narrative.