BREAKING: Nike stock just fell -9% after hours to $32, its lowest level since 2013. $NKE is now down -82% from its 2021 all-time high. Q1 results: → Revenue: $11.2 billion, down -4% → Greater China: down -26% → Converse: down -28% → Full-year sales now expected to DECLINE by a high-single-digit % → A new restructuring plan with layoffs and ~$1 billion in charges Earnings actually beat, $0.48 vs $0.43 expected. It didn't matter. The President's accounts bought $NKE 5 separate times in July at ~$42. At $32, those buys are now down ~24%. In other words, the most iconic sports brand on Earth is now priced like it's 2013.