After taking an initial tumble, Nike stocks spiked days after the athletic gear giant's decision to drop an American flag-style shoe at the behest of anthem-kneeling former NFL quarterback Colin Kaepernick, a major sponsor of the company.
"The company's shares closed at $86.82 on Friday, up from $84.53 on July 2. The boost came one day after the company pulled its Air Max 1 Quick Strike Fourth of July," Business Insider reported Monday, noting that shares "experienced an initial slide in the wake of the controversy, particularly after Arizona Gov. Doug Ducey announced he was withdrawing financial incentives for a Nike manufacturing plant to protest the company scrapping the design."
