Nike

Over its last 20 sessions NKE has moved 1.78% on a typical day, making it about as volatile as most of the stocks Kinzan tracks (their median is 1.81%).

That makes the last 24 hours a −1.5σ session for NKE — the kind it has roughly once a week.

It sits near the bottom of its 24-hour range of 37.33–38.09, measured on hourly closes.

The London block (07:00–13:00 UTC) did most of the work — roughly 55% of the movement over the last 24 hours.

Over the last 60 sessions of daily returns, it has moved most closely with ADBE (+0.49, a moderate relationship), and most inversely to US30Y (−0.47).

Its last close is at the 36th percentile of its own last 82 sessions, and its 20-day volatility at the 39th.

Market read: Nike is struggling, pinned near its daily low after a weak London session.

What it is

Nike designs, markets and sells athletic footwear, clothing and equipment under the Nike, Jordan and Converse brands, with footwear the largest part of the business. It owns very little manufacturing: production is carried out by independent contract factories concentrated in Vietnam, China and Indonesia. Goods reach customers by two routes, wholesale to sporting-goods chains, department stores and specialist retailers, and direct sales through its own shops and online. Its marketing rests on athlete endorsements and sponsorship of teams and tournaments, which underpins the brand’s pricing power.

What drives it

The product cycle comes first. Sportswear is a fashion business as well as a performance one, and the shares respond to whether new styles are selling at full price or whether older franchises have gone stale. When product stops selling, the consequences run for several quarters: inventory builds, markdowns erode gross margin, and clearing the excess takes time. The balance between wholesale and direct selling has swung back and forth over the past decade, and each swing has changed margins, shelf space and relationships with retail partners. Competition from newer running and lifestyle brands has taken ground in categories Nike once dominated. Outside the product itself, Greater China is a large and sometimes volatile market, tariffs on imports from Asian factories feed directly into costs, and with much of its revenue earned abroad a strong dollar weighs on reported results.

How it trades through the day

Nike’s fiscal year ends on 31 May, so its quarters are offset from most of the market and results land near the end of each calendar quarter, after the US close. That makes it an early report on consumer demand in America, Europe and China. The after-hours reaction follows the 20:00 UTC close in summer (21:00 UTC in winter), and the read-across reaches European sportswear shares when Frankfurt opens the next morning, in the London block.

What it tends to move with

Adidas and Puma are the closest listed comparisons and often move in sympathy with its results. It also trades with Lululemon, Deckers and On, and with the retailers that stock it, Foot Locker and Dick’s Sporting Goods among them. It is a Dow Jones Industrial Average constituent, and it is sensitive to Chinese consumer data and trade policy toward Asia.