Nike Stock Hits 12-Year Low, on Pace for Worst Year Since Michael Jordan First Retired

Nike stock closed at $38.59 on Wednesday, a 12-year low that puts the shoemaker on pace for its worst calendar year since 1993.

That was the year Michael Jordan first retired. A Barchart post comparing the two years is circulating widely, and the parallel runs deeper than the coincidence suggests.

The 1993 Collapse Started Before Jordan Walked Away

Jordan announced his first retirement on October 6, 1993. By that date, Barchart's data shows Nike stock had already fallen roughly 40% on the year.

The retirement was not the cause. The United States sneaker market had saturated, and Nike posted its first revenue decline in a decade.

Fiscal 1994 revenue fell 3.6% to $3.79 billion. Net income dropped 18% to $298.8 million. Jordan's exit deepened a selloff that was already running.

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