Nike Stocks Surging Following Colin Kaepernick Betsy Ross Flag Controversy
Colin Kaepernick Nike Stocks $urging ... Following Betsy Ross Controversy
The heat Nike is taking over the controversy surrounding Colin Kaepernick and the Betsy Ross Flag Shoe is having another effect ... enhancing the brand's appeal to investors.
Nike shares are surging in the wake of the company's decision to recall its special Betsy Ross Flag Air Max 1 USA sneakers after Kaepernick complained the 13-star flag design was offensive because it's been co-opted by several white nationalist groups.
Since Nike pulled the plug on the sneakers following Kaepernick's objections earlier this week, Nike shares have seen a 2 percent increase since Tuesday, adding nearly $3 BILLION to the shoe giant's market value.
Friday afternoon, trading Nike shares were up slightly to $86.62 and the company's market value is now $136.38 billion.
The stock surge looks a lot like what Kevin O'Leary predicted a few days ago ... the "Shark Tank" investor told us Nike is taking advantage of the controversy with a firestorm of free marketing.
A similar trend involving Nike and Kap unfolded last year, with Nike stock rising and sales jumping after the Swoosh signed Kaepernick as a spokesman.
