The markets have gotten off to a roaring start in 2024. The S 500 has returned roughly 17% so far this year, while the Nasdaq Composite has surged by 20%. But one stock that hasn't fared so well is (NYSE: NKE). Shares of the footwear and apparel maker have cratered 32% -- making it one of the worst performers in the Dow Jones Industrial Average.

With shares hovering at historically cheap levels, is this an opportunity to buy the dip? Let's dig into what's going on at Nike and assess if now is a lucrative buying opportunity, or if investors are best off sitting this one out.

Last month, Nike reported earnings for its fiscal 2024, ended May 31. To put it bluntly, the company's performance was anything but awe-inspiring. For the full year, Nike generated $51.4 billion in revenue -- up just a paltry 1% year over year.

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Source Fool.com