Nike stock hits all-time high after Colin Kaepernick ad
Shares of Nike reached an all-time high Friday afternoon, rebounding from a recent dip spurred by concerns about consumer boycott after the athletic apparel maker signed a high-profile deal with former NFL quarterback Colin Kaepernick.
The company's stock rose slightly on Friday, closing at $83.49. Since Nike announced the campaign on Labor Day, shares are up about 4 percent. Longer-term, Nike stock has surged 33 percent this year as Wall Street bet that the company would be able to ride out the negative publicity. Online sales of Nike gear jumped 31 percent from Sept. 2 through Sept. 4, nearly double the company's sales during the same period a year ago, according to Edison Trends, a digital commerce research company.
Kaepernick gained notoriety for kneeling during the national anthem to protest police shootings of unarmed African Americans. He opted out of his contract in 2017, although there were reports the San Francisco 49ers were preparing to cut him during the off-season. Subsequently, the quarterback claimed in a lawsuit that the NFL's 32 teams colluded to deny him a chance to play for another team. The case is currently in arbitration.
The ad features a close-up of Kaepernick's face and the tagline "Believe in something. Even if it means sacrificing everything." The spot proved polarizing, with some consumers voicing their displeasure by burning Nike merchandise. President Donald Trump, who has frequently criticized the anthem protests, denounced Nike's campaign for sending a "terrible message."
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