Shares of Nike fell 10% to $47.35 in premarket trading on Wednesday, marking the company's lowest open at their lowest in over a decade. The Middle East conflict is exacerbating the pressure on Nike, which CFO Matthew Friend said disrupted shopping behavior in parts of Europe, the Middle East and Africa, contributing to softer store traffic and weaker sportswear sales. Nike CEO Elliott Hill, who took over in 2024, has been working to steady the company as it struggles with challenges including a sluggish digital business, excess inventory, and competition from Chinese brands. Despite some signs of improvement in the reported quarter, with the running category growing over 20% and at least eight brokerages cutting their price targets.