Nike's stock is falling in early trading on Tuesday following an announcement that former San Francisco 49ers quarterback Colin Kaepernick has a new deal with the athletic clothing and footwear maker.
Kaepernick's attorney, Mark Geragos, made the announcement on Twitter, calling the former San Francisco 49ers quarterback an "All American Icon."
Kaepernick already had a deal with Nike that was set to expire, but it was renegotiated into a multiyear deal to make him one of the faces of Nike's 30th anniversary "Just Do It" campaign, according to a person familiar with the contract.
The NFL and Nike extended their partnership in March to run through 2028. Nike provides all NFL teams with game-day uniforms and sideline apparel that bears the swoosh logo.
Shares of Nike Inc. dropped 2 percent.
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