Nike Stock Drops After UNC v. Duke Game

On February 20, two of the biggest rivals in college basketball went up against one another.

UNC secured a win over Duke, ending the game with a score of 88-72.

Duke suffered a major blow within the first minute of the game. Their top player, Zion Williamson, attempted to change direction when his left shoe completely busted open, causing him to fall to the ground, clutching his knee.

Williamson suffered a mild sprain to his knee and did not return to the game.

Within minutes, "Zion" and "Nike" were trending on Twitter, with the video flooding everyone's timelines.

 Nike stock immediately dropped 1.7%, with Puma rising 1.7% and Adidas at 0.7%.

This terrible slip-up was bad timing for Nike, as this was one of the most anticipated games of the season and was aired nationally on ESPN.  The cheapest tickets were over $2,500, which are nearly as much as Super Bowl tickets.

Although not a significant downfall for the company, it still comes as a shock to many, including former President Barack Obama. Obama was present at the game and was shown saying "his shoe broke!" when Williamson went down.

Most people would not expect such a well-trusted brand to fall short in its products, let alone have a shoe tear entirely off the sole.

However, since Nike holds more than 90% of the basketball market, Williamson's fall most likely will not have a great impact on the partnership.