NEW YORK ( TheStreet) -- If you're a current Nike (NKE - Get Report) investor, Thursday's earnings release must have you feeling like your shoelace broke right before running the Boston Marathon. The miss and guidance surely do not warrant the selloff on Friday.Nike has lost about 9% of its market cap from Wednesday's close. The loss in market cap is the result of earnings per share falling from $1.23 to a still respectable $1.17. Unfortunately, what truly captures Wall Street's attention is guidance. Nike already was trading below the widely followed 200-day moving average, adding fuel to the liquidation based on chart technicals.
Has Nike Lost Its Footing?
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