LeBron James and the Cleveland Cavaliers win over the Golden State Warriors on Sunday night has resulted in a bunch of sneakers. This special edition release by Nike though could have a positive impact on Nike’s stock.
CNBC‘s Jim Cramer said that the Finals win, along with the upcoming Olympics in Rio, have the potential to lift Nike. Nike has been facing a hard time lately:
“This stock has been really beaten down. Basketball sneakers have been in the doldrums—maybe this one wakes up.”
Nike’s stock was up almost two percent on Monday. Another analyst said that Nike should be outperforming estimates during the brand’s quarterly earnings report next week.
This is good news since the stock dropped 15 percent since December. CNBC says can be in correlation with Sports Authority’s bankruptcy.