Nike Stock Continues to Surge with 12th Consecutive Gain – Best Performer on the Dow
Nike Inc.’s stock is on fire, up 0.5% in recent trading and on track for its 12th straight gain. This win streak is the longest since 2007, according to Dow Jones Market Data. In August alone, Nike’s stock has surged by 12.2%, making it the top performer on the Dow. The next best performer is Walmart, with a gain of 9%.
Since hitting its lowest closing price in March 2020, Nike shares have skyrocketed by 18.1%. The recent disclosure that Bill Ackman’s Pershing Square hedge fund has taken a new position in Nike during Q2 has further fueled the stock’s rise. Despite Ackman being a “polarizing figure” on Wall Street, his involvement is seen as validation that Nike has the potential to bounce back from a recent sales slump, according to Bespoke Investment Group.
In conclusion, Nike’s stock performance is not only impressive but also indicative of the company’s resilience and potential for growth. Investors should take note of this trend and consider the implications for their own portfolios.