INTERNATIONAL - Nike Inc.’s stock is close to recovering from the Colin Kaepernick-induced sell-off.
The company saw $4.16 billion cleaved from its market capitalization following the release of a new ad campaign featuring the controversial quarterback-turned-activist.
The sportswear company’s shares briefly regained the full loss in early trading on Monday when the stock price gained as much as 2.67 percent as of 11:00 in New York. Wedbush Securities raised its price target for the stock from $85 to $90 on Monday.
The brief drop in the company’s stock price is buoyed by the free publicity the campaign has generated for Nike. As of Sept. 6, Apex Marketing Group reported the buzz was worth more than $163 million.
You can take the superhero out of her costume, but you can never take away her superpowers. #justdoit pic.twitter.com/dDB6D9nzaD
— Nike (@Nike) August 25, 2018
Believe in something, even if it means sacrificing everything. #JustDoIt pic.twitter.com/SRWkMIDdaO
— Colin Kaepernick (@Kaepernick7) September 3, 2018