Nike's stock falls as growth fears are fueled by a bleak sales projection.

Stock fell 20% on Friday as investor fears about the sportswear giant's speed of measures to stop market share losses to upstart brands like On and Hoka were heightened by a projection for an unexpected decline in yearly sales.

The losses totally devastated the company's market value, subtracting $28.41 billion, making it the worst day ever for the stock.

The company forecast a mid-single-digit percentage fall in sales for the fiscal year 2025, against expert estimates of a nearly 1% growth.

"Nike is at a point where they want to put out the most conservative guidance they can, such that they're setting the bar low for themselves and hopefully it's a bar they can beat," says Art Hogan, chief market strategist at B Riley Wealth.

Due to its projection, the stock of rival companies and sports retailers in the US, UK, and Europe fell on Friday.

By the end of Friday, the British sportswear retailer JD Sports  that lost 5.4%, while the German sportswear business Puma  established a that fell 1%.

 shares of Adidas (ADSGn.DE) rose little.

"Over the past few years, Nike has been under fire. Now that the valuation has been reset so low, I do think they have a chance to start getting some sponsorship, even if it won't happen today or this week," Hogan added.

ReactX full-length foam midsoles for the Pegasus 41 and Air Max models will be added this year to further enhance sustainability.

"I think it (a leadership change) is very much needed."

John Donahoe, the CEO of Nike, is presently serving his fourth year out of a five-year term.