Has NKE become uninvestable? What’s going on with Niké / the goddess of victory... ?

I honestly don’t get it anymore… NKE has basically been going down for like a year now. Just red after red after red.

What really confuses me is the World Cup. Nike was everywhere. Big teams, huge visibility, constant exposure… I really thought that would boost sales and give the stock some momentum.

But nope, it just keeps sliding.

[https://finviz.com/stock?t=NKE&ty=c&ta=0&p=d](https://finviz.com/stock?t=NKE&ty=c&ta=0&p=d)

So I’m wondering… is there something deeper going on here? Competition? margins? strategy issues?

Or is this just market overreaction?

Curious what you guys think, because right now I clearly feel like I’m missing something.