Nike shares fell as calls for a boycott of the sportswear giant gained traction on social media following its choice of Colin Kaepernick as the face for the 30th anniversary of its "Just Do It" slogan.
Kaepernick was the first NFL player to kneel during the National Anthem as a protest against racism.
"I think that Nike decided to align themselves with Kaepernick because they stand for the same things. They decided they wanted to be on a platform of equality and justice and ethics," said retail analyst Mary Abner.
"They probably researched the upside and the downside before they came to this decision but in the end we're in very controversial times and they decided that he was a good person to align themselves with," Abner said.
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