Nike shares fall after Colin Kaepernick ad deal
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Shares of Nike, Inc. fell more than 2% in early trading after the company announced Colin Kaepernick, who sparked a movement among NFL athletes by protesting racial inequalities during the national anthem, as one of the faces of its "Just Do It" ad campaign.
Why it matters: Nike is already losing ground to rival Adidas, and investors fear the company's decision to feature Kaepernick might make things worse. Nike is already facing backlash on Twitter — with some customers posting videos of burning Nike products.