Nike’s Stock Is At An All-Time High After Its Support Of Colin Kaepernick
While some upset parties have attempted to ignite their Nike products, the apparel giant’s stock is what is really on fire. Nike’s stock just reached an all-time high, and the apparel company can thank their recent signing of Colin Kaepernick and the powerful social media, print, digital, and television ads that they subsequently ran with him as the narrator. One spot included during this past weekend’s NFL games. Colin Kaepernick and former teammate Eric Reid have filed grievances against the league for colluding against them, following protesting during the national anthem.
It has been 11 days since Nike made the announcement that the former San Fransisco 49ers quarterback would be the face of its “Just Do It” 30th-anniversary ad campaign, and on Thursday (September 13), Bloomberg reported that the company’s stock closed at $83.47.
Previously, Nike faced a noticeable dip in its stock price after the initial ad announcement with stocks dropping 3% in the next day of trading at the New York Stock Exchange. While some parties associated that dip with the Colin Kaepernick announcement, Nike’s competitors Adidas and Under Armor were also facing similar losses at the time.
Colin Kaepernick’s ad campaign includes the slogan, “Believe in something. Even if it means sacrificing everything,” which in itself was controversial to many. It also became an Internet meme after the pro football player-turned social justice warrior’s billboard ad was made available to the web. Many in the Hip-Hop world have voiced their support of Colin Kaepernick’s kneeling movement, including Eminem, JAY-Z, Big Sean, Meek Mill, Wale, Quavo, Vince Staples, 2 Chainz, Chuck D, Snoop Dogg, T.I., and more.