Nike shares dip to lowest in over a decade as they fall 15% amid weak sales outlook

Nike shares fell 15.51%, the lowest level since October 2014, after the sportswear brand issued a weaker-than-expected outlook. Nike expects fourth-quarter sales of $10.656 billion to $10.878 billion, well below the $11.236 billion estimate. Sales decline in China and Middle East war have further complicated Nike's turnaround plans. CEO Elliott Hill said it would take time to revive the brand.