Nike Shares Hit Record High Despite Recent Exodus Of Top Execs

An unfolding misconduct scandal at Nike "seemingly hasn't diminished investor belief in the company's stock," as shares of the sportswear giant "hit a record $71.70" in trading yesterday before ending the day at $71.38, according to Matthew Kish of the PORTLAND BUSINESS JOURNAL. Nike CEO Mark Parker in March said that the company was "investigating a series of complaints about what some have described as a 'boys' club' culture." Since then, at least 10 execs have "left the company." Susquehanna Int'l Group analyst Sam Poser last month "warned the departures 'increase the downside risk to Nike's earnings growth trajectory.'" Poser "lowered his price target from $62 to $59" (BIZJOURNALS.com, 5/22). At presstime, shares of Nike were trading at $71.69, up 0.43% from the close of business yesterday (THE DAILY).