Nike Stock Hits Historic High Following Kaepernick Campaign
Nike’s stock closed at an all-time high on Thursday, hitting a record $83.47 at the closing bell.
Nike stock closes at $83.47, an all-time high for the company.
— Darren Rovell (@darrenrovell) September 13, 2018
Nike has been at the center of controversy since it rolled out a new ad campaign with former NFL quarterback Colin Kaepernick late this summer. In the series of ads, Kaepernick urges aspiring athletes to “believe in something, even if it means sacrificing everything.”
— Colin Kaepernick (@Kaepernick7) September 3, 2018
Kaepernick was also tapped to narrate a two minute promotion for the shoe company, with the catch phrase, “Don’t ask if your dreams are crazy, ask if they’re crazy enough.”
Nike’s Kaepernick campaign prompted considerable buzz on both sides. Some predicted Nike’s move would tank the business and its stock valuation.
Nike stock finished week down $3 billion. Not a surprise that people who liked Kap move bought gear online. People who didn’t won’t buy gear over next several months. We’ll see impact after first of year. So far woke sports has always failed. Ask NFL and ESPN. https://t.co/GH6wD1p89b
— Clay Travis (@ClayTravis) September 7, 2018
While others claimed it could be a genius business move for a company trying to stay relevant after nearly 50 years of market dominance.
But today suggests the market has adjusted to the initial shock of Nike’s embrace of Kaepernick as its stock only climbs higher.
It’s worth noting that Nike isn’t new to politics. Nike’s CEO recently penned a statement opposing an initiative to end Oregon’s status as a sanctuary state, claiming the move would “damage Oregon’s long-standing track record as a place that attracts diverse talent from across the globe.”
It’s also worth noting that Nike has a long running issue with child labor and dangerous work environments across the globe.