Nike’s stock regains ground after Kaepernick ad controversy
Shoe boxes sit stacked as an employee assists a customer at the Nike by Melrose live concept store in West Hollywood, California, U.S., on Monday, July 30, 2018. Photographer: Patrick T. Fallon/Bloomberg
INTERNATIONAL – Nike Inc.’s stock is close to recovering from the Colin Kaepernick-induced sell-off.
The company saw $4.16 billion cleaved from its market capitalization following the release of a new ad campaign featuring the controversial quarterback-turned-activist.
The sportswear company’s shares briefly regained the full loss in early trading on Monday when the stock price gained as much as 2.67 percent as of 11:00 in New York. Wedbush Securities raised its price target for the stock from $85 to $90 on Monday.
The brief drop in the company’s stock price is buoyed by the free publicity the campaign has generated for Nike. As of Sept. 6, Apex Marketing Group reported the buzz was worth more than $163 million.
– BLOOMBERG
Source: iol.co.za