But Nike shares are running higher today. After jumping nearly 9% Friday morning, as of 10:35 a.m. ET, the stock was still trading higher by 5.8%. That's because investors hope the stock's long-lasting slump is coming to an end with a CEO replacement.

Nike's hard-hit shares rallied Friday as Wall Street analysts largely welcomed the company's appointment of veteran executive Elliott Hill as its new CEO.

Nike Inc. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire next month.

Shares of Nike Inc. Cl B NKE rallied 6.84% to $86.52 Friday, on what proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.09% to 42,

Shares in Nike (NKE) surged after the sneaker company said it was getting a new chief executive. John Donahoe will retire as CEO next month after nearly five years at the helm, Nike said late Thursday.

Nike stock is higher Friday after the embattled retailer announced a 32-year company veteran will return as its incoming CEO.

U.S. stock index futures on Friday were largely flat, a day after Wall Street ripped gains on soft landing hopes sparked by the Federal Reserve's aggressive 50 basis point interest rate cut. Here are some stocks to watch on Friday:  Shares of Nike (NKE) climbed more than 8% in pre-market trading.