Nike Reports Earnings Monday. Don’t Get Your Hopes Up.

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Nike already had a China problem. Now you can add Europe to the list. The only question ahead of Monday’s earnings report is whether all this is already reflected in the stock. Here’s betting it isn’t.

Nike (ticker: NKE) is expected to report a fiscal third-quarter profit of 71 cents a share after Monday’s close, down from 90 cents the previous year, on sales of $10.6 billion, up from $10.4 billion. The real problems could start with the fourth quarter, with some analysts—even the bullish ones—worrying that revenue estimates…