Kirsters Baish| As we previously reported, Nike made an interesting marketing move this week as they named former 49ers quarterback and anthem kneeler Colin Kaepernick as the new face of their 30th anniversary campaign. As we could have predicted, this wasn’t particularly a great move for Nike stocks.
Louder With Crowder reported that when the market opened earlier today, Nike was down roughly $3.75 billion. Yes, that number is right. So, if you have any stocks in Nike, you might want to get rid of them now.
The Wrap writes:
Nike just lost about $3.75 billion in market cap after announcing Colin Kaepernick as the new face of its “Just Do It” ad campaign. It’s the 30th anniversary of the iconic TV and print spots.
Shares of NKE stock dropped about 4 percent on Tuesday morning, as #NikeBoycott has been trending high up on Twitter. The company’s valuation has since recovered a bit.
While the stock has recovered a small amount since this morning, that doesn’t mean that it won’t plummet again.
Louder With Crowder explains, “The initial stock drop could just be skittish investors. Or it could be Wall Street doesn’t think pandering to social justice warriors is profitable. Let’s check back in a few days and see where things are. Because often these stocks rebound in a few days after all the OMG, LOL! articles come out. Such as this one. Never accuse us of lacking self-awareness.”
At the time that this article was written, Nike’s stock were down 2.69%.