Nike’s (NKE) latest earnings reinforced one thing: it is a very large company reeling because of poor management decisions. The company saw steep quarterly sales declines around the world as consumers switched to competitor offerings from the likes of On (ONON) and Hoka. Nike has now withdrawn its full-year guidance and canceled a key investor day as new CEO Elliott Hill establishes his turnaround plan. As Nike alluded to on its earnings call, that turnaround won’t happen overnight.

Yahoo Finance Executive Editor Brian Sozzi breaks down what you need to know ahead of Wednesday's market open.