Nike stock soared despite President Donald Trump’s attacks on the brand for hiring NFL quarterback Colin Kaepernick for their 30th-anniversary “Just Do It” ad campaign.
In the last week, Nike sales increased 31 percent while their stock price topped its pre-Kaepernick level.
“Just like the NFL, whose ratings have gone WAY DOWN, Nike is getting absolutely killed with anger and boycotts,” Trump claimed last week on Twitter, while repeatedly complaining about NFL players kneeling during the anthem to protest racial injustice.
Just like the NFL, whose ratings have gone WAY DOWN, Nike is getting absolutely killed with anger and boycotts. I wonder if they had any idea that it would be this way? As far as the NFL is concerned, I just find it hard to watch, and always will, until they stand for the FLAG!
— Donald J. Trump (@realDonaldTrump) September 5, 2018
As it turns out, the president is wrong.
While Nike’s stock price dipped after the news was announced, falling to around $79, the stock price bounced back to around $83 by the end of the trading day Wednesday.
Analysts say they expect the stock to continue to go up and predict it will soon be in the $85-$95 range.
Nike’s stock price is up 33 percent on the year, compared to the Dow Jones, which is up 5 percent on the year.