By Mark Gallagher
Last September, Nike aligned with Colin Kaepernick. The naysayers predicted a cratering of the company’s stock price. And instead it went up.
Last week, Kaepernick persuaded Nike to not proceed with a shoe that would have included the Betsy Ross flag, a symbol that is regarded by some as too strong of a link to America’s history of slavery. The naysayers once again predicted a cratering of the company’s stock prices. And, once again, it went up.
Nike’s stock closed Friday at $86.62, a two-percent increase since Tuesday. The bump in stock price added $3 billion in value to the company.
Last September, Nike’s stock price increased by 4.8 percent in 10 days after the arrangement with Kaepernick was announced, pushing the number to a then-record $83.47.
This doesn’t mean that these Kaepernick-fueled incidents are necessarily good for business. But they aren’t nearly as bad for business as the anti-Kaep crowd insists they will be. Which invites speculation as to whether the entire anti-Kaep crowd is ultimately a very vocal, but ultimately toothless, minority.