China's uneven recovery could also be weighing on Nike's stock. The retailer does about a third of its business there — and its business could suffer if the economy slows. "The investors we speak to are increasingly concerned about the outlook in China given the negative macro data points coming out of that market," said Patel. Data released in July indicated China's economy, the world's second-largest, is slowing. It reported a modest 2.5% year-over-year increase in retail sales, and youth unemployment has skyrocketed. When Nike reported fiscal fourth-quarter earnings for the period ended May 31, it posted a 16% sales jump in the region to $1.81 billion, ahead of Wall Street's estimates of $1.68 billion, according to StreetAccount. Nike CEO John Donahoe told analysts at the time it's "clear" that consumers are back in China and the Nike and Jordan brands are strong in the region. However, it's unclear if that growth is continuing and what the results will look like when Nike next reports earnings.