Nike Stock Hits a 12-Year Low as an Earnings Loophole Masks Weak Sales

Nike (NKE) stock slid about 1% on Wednesday, briefly trading at $40, its lowest level in about 12 years. The fall came despite an earnings beat, because most of the profit came from a one-time tariff refund. That refund flattered the headline number and did nothing to fix Nike’s shrinking sales. Wall Street responded by