Nike's shares reached a record high on Thursday after the sportswear company was criticized last week by President Donald Trump and protesters upset with their advertising campaign that pushes the envelope with athlete Colin Kaepernick.
The sports goods giant, a member of the Dow Jones index, ended Thursday at $ 83.47, the highest closing price in its history, prompting the applause on Twitter from basketball star LeBron James #NikeLifer.
– Well, I want to say we're in [fire]", Wrote James before adding a series of fire emojis.
The new record came 10 days after Nike presented a new and extensive marketing campaign & # 39; Just Do It & # 39; with Kaepernick, 30, who has been included in the National Football League blacklist after protesting racism in the application of the law.
Shares in Oregon-based Nike Inc fell 3 percent to $ 79.71 last week after they went public with their decision to publicly endorse the former NFL quarterback.
The value of the shares increased to $ 83.51 at midday trading on Friday.
Nike unveiled its new campaign focused on Colin Kaepernick, who has been included in the National Football League blacklist after protesting against racism in the application of the law
Nike share prices reached an all-time high on Thursday, closing at $ 83.47. Reached $ 83.51 at noon on Friday
LeBron James, who has a life contract with Nike, overwhelmingly approved the latest stock figures released by the footwear giant on Thursday
Kaepernick's campaign led some consumers to take to social networks to destroy their Nike equipment and provoked criticism from the president of the United States, Donald Trump, among others.
But many advertisers have described the ads as a smart bet for the higher sales of the millennials and non-white consumers, an idea that has been supported by some data since the announcement of Kaepernick.
Nike's online sales rose 31 percent from Sunday through Tuesday during the Labor Day holiday weekend that included the Kaepernick ad, which quickly went viral after being taunted on social media the night of the day. Monday, September 3.
Nike faced a backlash for his deal with Kaepernick. The NFL star sparked controversy when he began to kneel during the national anthem in protest
"Like the NFL, whose ratings have DOWN, Nike is being killed with fury and boycotts," Trump said on Twitter on Wednesday. "I wonder if they had any idea that it would be this way? As far as the NFL is concerned, it's hard for me to look, and I always will, until they represent the FLAG."
Nike's online sales increased 31 percent from Sunday through Tuesday during the Labor Day holiday weekend that included the announcement of Kaepernick
That's better than the 17 percent increase in the same period of 2017, according to Edison Trends data.
In the course of the six days that ended on September 9, Nike's online sales fell by nine percent, but that was smaller than the 32 percent drop experienced in the same stretch in 2017.
"There was speculation that the Nike / Kaepernick campaign would lead to a drop in sales, but the data does not support that theory," Edison Trends said through a spokesman.
Edison's data showed an increase in Nike's online sales in some more progressive states, such as Maryland and New Jersey, while Nike's sales fell sharply in some of the more conservative states, such as Idaho and Wyoming.