Deckers Outdoor (DECK) lost over 50% YTD, the steepest S&P 500 decline, as Hoka shoe sales slowed and tariff costs surged. Analysts say Hoka's appeal is fading amid high prices and rising competition from Nike. Deckers warned of $150 million in additional costs in FY26 due to US tariffs. Its market cap fell from $33.2 billion to $15.4 billion.