According to The Athletic, Nike ( NYSE:NKE ) has formally severed its relationship with Brooklyn Nets star Kyrie Irving resulting in a drop in Nike stock price. Kyrie Irving is no longer a Nike athlete, according to a business spokesperson, Athletic writer Shams Charania tweeted. Irving, who is currently a footwear free agency, owns one of the most well-known signature shoes in the NBA.
The estimated value of the agreement is at least $11 million annually . The star’s sneaker was among the top 5 models used by players in 2021, according to NBA footwear tracker Kixstats.
After Irving promoted an anti-Semitic documentary at the beginning of November, the large footwear and clothing company previously cut off contact with him. The contentious point guard’s contract originally had a termination date of October 2023.
2023 Nike Stock Outlook
In 2022, Nike ( NYSE:NKE ) encountered its fair shares of difficulties, such as excessive inventory levels, COVID-19 lockdowns in China, and a stronger dollar, but these issues are all transient in nature. As a result, even though Nike’s stock has been down 36% year to date in 2022, there is still a lot of demand for its goods in general.
Although investors have chosen to focus on diminishing earnings, which are a result of the aforementioned difficulties, Nike’s most recent quarter saw currency-neutral revenue increase by at least 13% in every area save from China. The good news is that those problems appear to be going away in 2023.
For instance, there are indications that China’s zero-COVID policy is eroding. Investors are hoping the protests will encourage the government to take additional steps toward opening up after the administ...
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