![]()
- Lehman Sues Barclays Over Windfall Profits
- Obama Nudges Hu on Yuan; to Ease Trade Tensions
- Fed's Kohn Sees No Asset Bubbles Building in US
- Stocks May Rise Further after Fed Waves on 'Risk Trade'
- Buffett's Berkshire Hathaway Boosts Stake in Wal-Mart
- Microsoft Co-founder Allen Diagnosed with Cancer
- Time Warner to Spin Off AOL on December 9
- Gates Boosts Waste Management, Coca Cola Stakes
- US Cities With Most Underwater Mortgages
- Answers to Your Questions: A Path to Economic Disaster?
- 5 Ways to Play the Chinese Markets: Analyst
- Meredith Whitney: Turns Bearish
- 3 Stock Plays on Rising College Costs
- Warren Buffett's Berkshire Hathaway Almost Doubles Wal-Mart Holdings During Summer
- Nov. 16: Unusual Volume Leaders
- Getting to the Heart of the Merck-Abbott Embargo Break
- What MGM's Sale Could Say About Value of Content
- My Ratings on Lowe's & Home Depot: Analyst
MOST SHARED
- Stocks Overvalued, Recession Will Return: Meredith Whitney
- U.S. May Wind Up Green With Envy
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- US Top Banks Warn Congress on 'Break-Up' Risks
- Time Warner to Spin Off AOL on December 9
- Stocks May Rise Further after Fed Waves on 'Risk Trade'
- Paulson Betting Unemployment Not Getting Much Worse?
- Microsoft Co-founder Allen Diagnosed with Cancer
- Warren Buffett's Berkshire Hathaway Almost Doubles Wal-Mart Holdings During Summer
- Snoop Dogg Talks Biz
Nike suspended Atlanta Falcons quarterback Michael Vick from its endorsement roster, CNBC's Darren Rovell reported after markets closed Friday.
"Nike has suspended Michael Vick’s contract without pay, and will not sell any more Michael Vick product at Nike-owned retail at this time," the company said in a statement. "As we’ve said before, Nike is concerned by the serious and highly disturbing allegations made against Michael Vick, and we consider any cruelty to animals inhumane and abhorrent. However, we do believe that Michael Vick should be afforded the same due process as any citizen in the United States, therefore, we have not terminated our relationship."
Vick, who pled not guilty yesterday for his part in a dogfighting ring, has been a Nike endorser since he was picked first overall by the Falcons in the 2001 NFL Draft.
Nike shares [NKE
Loading...
()
] lost 2.57 percent Friday -- before CNBC's report broke -- closing at $55.44.
For four years, Nike released Vick's signature shoes -- including cleated and cross-training shoes -- but following his indictment, the company announced that it was suspending the release of the planned "Vick V" shoe. The shoe was scheduled to hit stores on Aug. 23. Sources told CNBC that Nike made about 30,000 of the Vick V shoes and shelving the shoe forever would cost the company approximately $1.5 million.
Although Nike said it would keep other Vick gear at stores, some stores, including Dick's Sporting Goods, elected to take everything "Vick" off their shelves.
Despite pleading innocent to the charges, Friday was an active day for Vick's business interests. CNBC discovered that the NFL stopped selling Vick jerseys and memorabilia on its Web site NFLShop.com. League spokesman Brian McCarthy said the decision was made because it was "not appropriate" for the league to sell Vick items.
Only a few hours later, Reebok announced that its official found the "allegations against Mr. Vick too disturbing to ignore." Reebok, which makes the NFL jersey, said it would would suspend selling Vick's jerseys and would honor retailers who chose to cancel orders they had already placed.
Nike did stick with Kobe Bryant after he was charged with sexual assault in 2003. After the civil case was settled and the criminal case was dropped, Nike began using Bryant in advertising again. The company recently resigned Bryant to a deal and is making his signature shoe. Nike has, however, dropped some of its endorsers in the past.
Nike has suspended the contract of at least one other athlete. Last August, Nike suspended the contract of Justin Gatlin after the sprinter tested positive to testosterone and other steroids. The company still hasn't activated the deal.
- Where, what, how.
- CNBC's Jim Goldman asks: Has the sun begun to set on Twitter? Data suggests its best days are over.
- Everyone wanted a piece of Madoff's "Bullship"--the famous buoy sold for $7,500 at auction. You won't believe these prices.
- De Loach Vineyards is selling its pinot noir the old fashioned way, helping to cut energy and transportation costs.
- Why are the Chinese concerned about the progress of U.S. health care legislation?
- CNBC's Maria Bartiromo talks to rapper Snoop Dogg about brand identity in both business and music.












