Nike's stock is tanking despite increased visibility from the Olympics.

CNN Money notes that Nike is the worst Dow stock of 2016 so far, down more than 10 percent. 

Furthermore, Nike's most recent quarterly earnings fell below its forecast. What's worse is future orders also missed the mark, meaning things could get even more bleak from here. 

Although Nike's doing well in China and Western Europe, it's facing heavy competition in North America from the likes of adidas and Under Armour. 

Back in June, CNBC's Jim Cramer said Nike's stock "has been really beaten down," and despite a slight boost from LeBron's championship win, it sounds like there's still some work to be done. 

On the bright side, there's still a chance to turn things around. The Olympics will give Nike continued exposure over the coming weeks, so it will be interesting to see if it has any impact on the stock.