Why Did NKE, FRMI, DKNG Plunge To 52-Week Lows Today?

• NKE stock closed down 0.71% ahead of its first-quarter results as the company struggles with sales in its wholesale business and in North America. 
• FRMI stock fell nearly 4% on Thursday amid ongoing disputes with its former CEO, even as massive cash-burn issues weigh on its shares. 
• DKNG stock fell to a 52-week low in regular trading hours amid Brazil’s move to prohibit online betting, but recovered to close up nearly 2%.

Shares of Nike Inc. (NKE), Fermi LLC (FRMI), and DraftKings Inc. (DKNG) slumped to annual lows on Thursday amid company-specific, industry-wide and macroeconomic pressures. 

NKE stock closed down 0.71% ahead of its first-quarter results as the company struggles with sales in its wholesale business and in North America. 

FRMI stock fell nearly 4% on Thursday amid ongoing disputes with its former CEO, even as massive cash burn issues weigh on its shares. 

DKNG stock slipped to a 52-week low in regular trading hours amid Brazil’s move to prohibit online betting, but recovered to close up nearly 2%. 

Nike Slumps On Sales Concerns And North America Pressure

NKE stock dipped to a 52-week low of $35.02 on Thursday, extending three consecutive days of declines ahead of its Q1 results as the athletic-wear giant struggles to revive sales and faces pressure across its North American business. 

After the bell, Nike reported results, posting $11.2 billion in revenue, down 4% year over year, and adjusted earnings per share of $0.48. 

However, the company forecast a high-single-digit revenue decline for fiscal 2027, with adjusted EPS of $1.15–$1.35, below analysts’ expectations, while management said its turnaround efforts would take time. Shares slumped further in the overnight session. 

On Stocktwits, retail sentiment around the stock was ‘extremely bullish’ at the time of writing. The company's shares have plunged more than 44% in 2026. 

Fermi Struggles With Massive Cash Burn, Disputes With Former CEO

FRMI stock fell to an annual low of $3.92 on Thursday, putting it on track for a third consecutive week of declines. 

Fermi has recently been challenged due to its pre-revenue status and massive cash burn. In Q2 2026, Fermi spent $25.8 million in cash from operations and another $185 million on property, plant and equipment.

The company has also been facing disputes from former CEO and largest shareholder Toby Neugebauer, who has escalated a corporate-governance battle after Fermi removed him as CEO in April and subsequently ousted him from the board. 

Neugebauer has since sought shareholder support to reshape the board and explore strategic alternatives, including a potential sale. Most recently, he sued three Fermi directors, alleging they coordinated efforts to consolidate control and limit shareholder rights. 

On Stocktwits, retail sentiment around FRMI stock was ‘neutral’ at the time of writing. FRMI stock has declined about 54% year to date.

DraftKings Has Been Facing Pressure From Negative Industry Forces

DKNG stock fell to an annual low of $18.55 on Thursday, but recovered to close up nearly 2%, breaking a three-day losing streak. Shares have been declining in recent weeks amid regulatory concerns, rising competition and softer financial metrics. 

Brazil’s move to prohibit online betting triggered a broader selloff across gambling stocks, weighing on DraftKings despite having no direct exposure to the country. The company is also facing growing competition from prediction-market platforms such as Kalshi and Polymarket. 

However, retail sentiment on Stocktwits around the stock remained ‘extremely bullish’ at the time of writing. DKNG stock has slumped more than 45% in 2026. 

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