LIVE MARKETS-Nike leads the NBA sneaker finals; when will its shares score?
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NIKE LEADS THE NBA SNEAKER FINALS; WHEN WILL ITS SHARES SCORE?
Basketball fans will have all eyes on the court tonight watching the latest matchup in the NBA Finals between the New York Knicks and the San Antonio Spurs.
The Knicks, who last won the Finals in 1973, were victorious in the first game on Wednesday night with a 105 score vs. the Spurs' 95 in the best-of-seven competition.
If the finals were all about sneakers, though, Nike would be the clear winner already with 16 out of 20 players across both teams sporting its footwear with 13 opting for Nikes and three wearing Jordans, according to a research note Jefferies analysts released ahead of the finals.
On the sneaker bench, though, they point to some other brands such as Under Armour UAA.N, worn by De'Aaron Fox of the Spurs, and Skechers, favored by the Knicks' OG Anunoby. And1 and Qiaodan also got a look-in with a player apiece wearing their shoes.
As it happens, both the first game's top-scoring players, Jalen Brunson of the Knicks (30 points), and Spurs' Victor Wembanyama (26 points), were wearing Nike sneakers.
Jefferies analysts write that "Basketball remains core to Nike's Sport Offense Strategy" and that the category has been "supported by event-driven demand such as NBA All-Star activations that drove full-price sell-through and strengthened wholesale relationships."
However, Nike has yet to find a way to transfer its on-court dominance to the equity market. Its stock is down more than 32% so far this year and on track for its fifth straight year of losses. In comparison Under Armour is faring a little better in market performance with a roughly 10% gain so far this year, but it has lost ground in the last four years.
(Sinéad Carew)
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