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AIR WALKS: JORDAN'S RETIREMENT HAS NIKE SHARES DOWN 5%
Published January 13, 1999
Nike said it wouldn't comment on Michael Jordan's retirement before he held his press conference today in Chicago. The company's stock price fell 2 3/8, or 5.4%, to close at 42 yesterday (Mult., 1/13). In Boston, Michael Holley: "Remember the days when Nike was just another in a line of shoe companies? When the familiar swoosh did not trigger a whisper of 'Nike' in your psyche? That was the case in the early 1980's, until Jordan came into the NBA with his own brand of multicolored Nike sneakers" (BOSTON GLOBE, 1/13). A PHILADELPHIA INQUIRER editorial challenges Jordan to become more active in issues facing Nike, including charges of poor working conditions at their Asian- contracted plants: "Jordan helped make this unjust system work and derived massive benefit from it, while distancing himself from the ethical quandary. In retirement, it's part of his game he desperately needs to work on. The issue needs a champion" (PHILADELPHIA INQUIRER, 1/13). ON THE STREET: Shares of Quaker Oats, maker of Gatorade, fell 3/4 to 59 3/16 yesterday, while shares of Rayovac, another Jordan-endorsed company, fell 1/2 to 24 1/2. Sara Lee, parent to Jordan-endorsed Hanes, rose 3/8 to close at 26 yesterday (BLOOMBERG NEWS, 1/12).