Nike Inc NKE shares are trading lower by $1.60 (3 percent) at $50.42 in Monday's session. The catalyst for the decline is a downgrade at Bank Of America from Neutral to Underperform.
Following a lower open, it could not even reach the bottom end of Friday's range ($51.79), only reaching $51.15 before resuming its decline.
So far, it has come near the psychological $50 support level as the current low stands at $50.15. Besides its August 24, 2015, panic-induced Flash Crash low of $47.25, this marks the first time under $50 for the issue since May 6, 2015, when it bottomed at $49.84.
Nike is not scheduled to report Q2 earnings until December 20 as its last report was on September 27.
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