Nike Outplayed In Rio By Adidas And Under Armour

Though normally a big boon to Nike’s stock price, the 2016 games in Rio have caused a more muted reaction among Nike investors, only bumping the stock price about 1 percent. By comparison, Adidas has seen its stock rise 6 percent while Under Armour has seen an uptick of 3 percent.

Under Armour is not an official Olympic sponsor, nor is Adidas this year, but both extensively sponsor competitors. UA, most famously, is the brand behind Michael Phelps. Nike is a U.S. team sponsor, and has normally seen bigger Olympic share bounces – usually bolstered  by the strength of its Olympic ad campaign. The last few Olympics, however, have been an exception- Nike actually lost 3 percent of its share price during the 2012 and 2008 games.

“You have increased competition. Under Armour is a public company out there now competing for more sponsorships. It’s more expensive for the companies involved,” Bespoke co-founder Paul Hickey told Fortune.

But some thought this might turn around soon as the Games were on.

“This might be the weekend when people go out to stores, because last night was the most excitement I’ve had so far,” said TD Ameritrade Chief Market Strategist JJ Kinahan, who is tracking the stock performance of 24 Olympics sponsors.

Nike is also coming off of a weak earnings report, which exerted some pre-Olympic gravity on their share price. The losses since then have been reversed. Nike’s stock price was up 6 percent going into the Rio games, but it is still feeling the heat from Adidas, which notched its best quarter in years during Q2.