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If it weren't for Nike, the Dow would be positive right now

Shares of Dow component Nike fell more than 7 percent Wednesday, dragging the index into negative territory by market close.

The stock closed under $54 per share and accounted for more than 20 points off the Dow Jones industrial average for the day, while the index traded about 7 points lower.

Nike reported third-quarter earnings after the bell Tuesday where profits outpaced Wall Street's expectations, but revenue fell short of estimates.

Shares of the athletic footwear and apparel company closed down a little more than 1 percent Tuesday, before extending their declines after hours once management began its conference call.

While Nike expressed a bullish sentiment on the call regarding growth opportunities outside of the U.S., the company remains more cautious about its North American businesses.

"We have very strong momentum" in international markets, Chief Financial Officer Andrew Campion said on Tuesday's earnings call. Meanwhile, the North America retail landscape is not in "a steady state," he said.

Nike's product supply in North America will "remain tight" over the short term, Campion explained. Nike said it will share 2018 guidance on its next earnings call, adding that revenue will be led by strong growth internationally.

With Wednesday's losses, shares of Nike are down more than 16 percent over the past 12 months but are up more than 6 percent for the year, more than the S&P 500 thus far. Shares of Nike hit a record high above $68 per share in 2015.

Nike year-to-date performance

Source: FactSet