Near the end of Nike’s earnings call on Oct. 1, CEO Elliott Hill told a football story.

He described how the University of Texas came back from a 20-point deficit against the nation’s top team. 

What stuck with him wasn’t the final score. It was the “methodical drives” and “calculated risks” that got the team there.

The message to investors was clear. Nike (NKE) is behind, and the comeback will take time.

Wall Street heard the message, but didn’t like what the scoreboard showed in fiscal Q1.

Nike stock hits a wall

Nike has spent the past few years trying to get back to its roots. In certain business segments, that plan is working.

Its performance business…