Nike knew their decision would affect their stock, but they still chose to back former NFL player and controversial figure Colin Kaepernick.
Nike board members probably feel they won’t take a huge loss and things will balance out. It might do that but let’s see how it plays out.
NFL Denver Broncos Executive John Elway stated that Kaepernick turned down a contract when offered and now he’s being showered with gifts and praise. It’s probably like a drug for the former San Francisco 49er. He’s getting paid with his new deal and hasn’t played in a couple of years.
Now the company is feeling the effect of their decision. Will it continue to drop?
What is it about boycotts??
The left calls for one and sales soar. Conservatives call for one and stocks drop….
— 🇺🇸 Deplorable Pet Lover 🇺🇸🐾 (@petluvers4Trump) September 4, 2018
Source: Zero Hedge
Since announcing their new advertising campaign will be led by Colin Kaepernick, the social media backlash has dominated the virtue-signaling efforts we presume they hoped for.
With images of Nike apparel and footwear being burned and real sacrifice being discussed, it appears investors are growing disillusioned as NFL fans as Nike shares are down over 3% in the pre-market.
If the public backlash against other corporate brand names who have taken a vocal political stance is any indication, Nike faces considerably more pressure: companies from Dick’s (which saw a sharp decline in sales after it stopped selling guns), to ESPN, to Papa John’s, to Twitter and Facebook, to In-N-Out burger, have all seen an angry customer backlash – from either the left or the right – once these corporations entered the political arena, resulting in a hit to the top line, and ultimately, the shareholders’ pocket.
#BoycottNike was trending #1 until the Kavanaugh confirmation hearings began at 9:30 AM EDT.
— Joshy (@blkandgud) September 4, 2018
— Chef Marquist (@Sportsmk) September 4, 2018
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