The stock is down close to forty percent this year and touched levels last seen in September 2014. A JPMorgan analyst moved it to underweight earlier this month, calling the turnaround under Elliott Hill too slow. The named causes are competition from On and Hoka and weaker demand in China.

Twelve years of price appreciation erased is a large statement about a company that still sells an enormous quantity of shoes. The question is what the market thinks has broken.