Since late August, Nike Inc. (NYSE: NKE) stock has dropped more than 15%, and for the year to date it is down nearly 19%. That’s actually a bit better than last week when the stock was down 20% for the year. The DJIA, conversely, rose nearly 4% last week to post a year-to-date gain of nearly 8.2%.

Following the results of Tuesday’s election, Nike’s shares dropped below $50 a share again on Wednesday after digging itself out of a hole that began the previous week that saw the shares post a new 52-week low. Consumer discretionary stocks did not perform especially well last week, while financials and healthcare (mostly drug companies) jumped on an expectation that a new Trump administration would provide some regulatory relief and lift restrictions on pricing.

Nike’s most recent earnings were more fuel for the frustration investors have that global rival Adidas, and smaller competitor Under Armour, are stealing share. In its fiscal first quarter, Nike posted:

• Revenues up 8 percent to $9.1 billion; 10 percent growth excluding currency changes
• Diluted earnings per share up 9% to $0.73 compared to prior year
• Worldwide futures orders up 5 percent; 7 percent growth excluding currency changes
• Inventories as of August 31, 2016 up 11 percent

At 10% year-over-year revenue growth, Nike barely qualifies as a growth stock any longer.

Traders have increased their short positions in Nike stock to levels four times the company’s average over the past five years according to Barron’s. Short sellers do make mistakes, but when they’re right (see FitBit, for example), the target’s share price often takes a long time to recover.

Nike’s stock closed Friday at $50.77 in a 52-week range of $49.01 to $68.19. The 12-month consensus price target on the stock is $63.05.

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