Never miss an Axios exclusive. Sign up for Mike Allen's AM newsletter.

Stories

Stock trading app sees spike in buying Nike shares

Colin Kaepernick kneels on the sideline, during the anthem. Photo: Michael Zagaris/San Francisco 49ers/Getty Images

Since Nike unveiled its new ad campaign with ex-NFL player Colin Kaepernick, millennial stock-trading app Robinhood says its users have been buying the sports apparel company’s stock three times more than they’re selling, up from 12% last week.

Why it matters: Nike’s stock was down 3% on Tuesday, but its bet on the political campaign seems to be paying off with young consumers — Robinhood is popular among millennials and its users are 31-years-old on average. Go deeper: Why some Nike analysts are staying silent

More stories loading.