Investing.com - Nike (NYSE:NKE) stock rose in midday trading as concerns that its sponsorship deal with former NFL quarterback Colin Kaepernick would dent sales waned.
Share of Nike rose about 2% at 11:50 AM ET (15:50 GMT), making it the best-performing Dow component.
Nike unveiled Kaepernick, the most-well-known protester of racism during the national anthem at games, as one of the faces of its anniversary “Just Do It” campaign last week. That prompted criticism, including a condemnation by President Donald Trump, who has called for players who kneel during the anthem to be suspended or fired.
But a recent report showed that Nike’s online sales jumped 31% in the three days starting with Labor Day Sunday.
“Both this year and last year, online sales of Nike products across the web hit a low point on Sunday of Labor Day weekend, rising again on Monday and Tuesday,” Edison Trends said. “But this year, they climbed 31% between Sunday and Tuesday, besting 2017’s 17%.”
Nike shares are now close to the price they were before the deal with Kaepernick was announced.
Also in the sector, athletic wear retailer Foot Locker (NYSE:FL) gained about 4%.