Nike shares fell as much as 4.5 per cent on Monday, the most in more than two months, erasing part of the gain that followed strong earnings results.
The world’s biggest sports apparel and footwear company tumbled as low as $69.14 in New York, the biggest intraday loss since October 10.
LeBron James, one of the company’s biggest stars, apologized on Sunday for posting a lyric about “Jewish money” on his Instagram account. More about
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The dip followed a surge last Friday after Nike posted second-quarter earnings that beat estimates, including strong sales growth in the company’s two most important markets: North America and China. It was Nike’s first earnings report since it featured controversial quarterback-turned-activist Colin Kaepernick in its newest “Just Do It” ad campaign.
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