Nike Inc (NYSE:NKE) stock is 0.4% lower to trade at $36.30 this morning, after soccer superstar Kylian Mbappe signed with footwear peer On Holding (ONON) as a global ambassador. Moving on from his long-term partnership with Nike, Mbappe is On's first soccer signing. ONON is now 2.4% higher today.
Nike stock traded as low as $36.15 out of the gate this morning, awfully close to its 14-year low of $35.72. The shares are now down 44% year to date and are heading for a fourth-straight weekly loss, pressured lower by their descending 80-day moving average. .
Despite the stock's prolonged slide, sentiment among options traders is optimistic. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Nike's 50-day call/put volume ratio of 3.03 ranks higher than 78% of annual readings.
Echoing this, NKE's Schaeffer's put/call open interest ratio (SOIR) of 0.51 sits lower than 7% of readings from the past year.
