Nike stock on Thursday jumped more than 1 percent to a record high, driven by concerns about the possibility of “war on winter” after the company said its shoes could become more susceptible to frostbite.
The stock is now trading for about a fifth of its all-time high of $130 a share in early morning trading.
Nike’s stock rose 2.3 percent to $132.25 a share.
It was also the most expensive Nike stock to trade this year.
Nike said it expects to release its winter 2017 lineup later this year and will be in the market for a new sneaker that will address its frostbite concerns.
Nike also said it is also working on a new shoe with the potential to be worn by athletes.
Nike has been struggling with cold weather and snow since last summer, when the company recalled several products because they could freeze during the cold.
Nike CEO Kevin Plank said the company would release a new winter model later this summer.
“We want to make sure that the best way to do this is with a winter shoe that’s going to work well for the athletes,” he said in a video posted to social media.
“We’re really committed to putting the best shoes in the world, but we’re also really committed, as we did last year, to being a winter athlete in winter.”
The stock has been soaring since Plank announced in late February that Nike would be rolling out a new “winter shoe” that will be made with a more durable material that can be rolled up and worn without breaking.
The new shoes, which are expected to go on sale in early 2017, will be available in a range of sizes and styles that will also be offered at Nike’s other retail stores.
The new shoes are expected for release in mid-2019.
Shares of Nike closed up about 1 percent at $133.93, according to FactSet data.
The Nasdaq composite was up about 0.9 percent.
Read or Share this story: https://usat.ly/1gK4y9H
- How Facebook’s ‘finance’ platform could become a game-changer for startups and money managers
- What is up with up-stock and what’s up with the NAB?
- What you need to know about the new kitten boom
- United Airlines stock prices up 0.1% after new jet delays
- Bitcoin crash, stock market turmoil: How the ‘Gut Feeling’ Affects the Stock Market