ADVFN - Advanced Financial Network.
HOME» NYSE » N » NKE Stock Price » NKE Stock News

Nike Share News

 Nike, Stock Price
NKE Stock Price
 Nike, Stock Chart
NKE Stock Chart
 Nike, Stock News
NKE Stock News
 Nike, Company Information
NKE Company Information
 Nike, Stock Trades
NKE Stock Trades

Nike Distances Itself From Football Coach Paterno's Legacy

By Val Brickates Kennedy BOSTON--Sports-apparel titan Nike Inc. (NKE) on Thursday made moves to distance itself from the legacy of the late Pennsylvania State University football coach Joe Paterno, in the wake of a scathing report about the school's recent child-abuse scandal that cast serious doubts about his judgment. Nike (NKE) said it was removing Mr. Paterno's name off the child-care center at its headquarters in Beaverton, Ore., as a result of the report, which was released earlier in the day. "I have been deeply saddened by the news coming out of this investigation at Penn State. It is a terrible tragedy that children were unprotected from such abhorrent crimes," said Nike Chief Executive Mark Parker, in a statement posted on the company's website. "With the findings released [Thursday], I have decided to change the name of our child-care center at our world headquarters. My thoughts are with the victims and the Penn State community," Mr. Parker added. Phil Knight, the Nike co-founder and chairman who is a longtime friend of Paterno's, also expressed his regrets over the report. "According to the investigation, it appears Joe made missteps that led to heartbreaking consequences," he said. "I missed that Joe missed it, and I am extremely saddened on this day. My love for Joe and his family remains." Both Mr. Parker and Mr. Knight have deep ties to Penn State. Mr. Parker ran track for the university, graduating in 1977, at Penn State in January, where he defended the coach amid allegations that Mr. Paterno had not responded properly to reports that children had been sexually abused by Jerry Sandusky, a former defensive coach. Nike's move came just hours after an investigation by former FBI Director Louis Freeh found that Mr. Paterno and other high-ranking Penn State officials did not act to prevent Mr. Sandusky from sexually abusing boys, sometimes at school facilities. The report was commissioned by Penn State's trustees. Mr. Sandusky was found guilty on 45 counts of child sex abuse in June and could spend the rest of his life in prison, reports say. Mr. Paterno, one of the most acclaimed coaches in football history, died of cancer in January, two months after he was fired for failing to properly respond to allegations that Sandusky had been sexually abusing boys. Write to Val Brickates Kennedy at

Stock News for Nike (NKE)
11/26/201516:03:00Head of Track and Field's Global Body to Cut Ties With Nike
11/26/201507:00:03Give Thanks: These Stocks Just Raised Their Dividends
11/25/201519:00:023 Stocks to Buy Before the Holidays
11/24/201516:30:03Why I Am Still a Lululemon Athletica Inc. Bear
11/23/201518:20:03Under Armour, Inc. Stock Valuation: Buy, Sell, or Hold?
11/23/201508:00:09If You're in Your 60s, Consider Buying These 3 Stocks
11/23/201506:05:16Annual Report of Employee Stock Plans (11-k)
11/21/201509:30:03Lululemon Athletica Poaches Top Talent from Nike -- Will Organizational...
11/20/201518:31:03Nike Inc. and Ross Stores Inc. Jump as Stocks Close Out a Huge...
11/20/201516:43:03Nike Plans to Increase Online Sales Sixfold: Why That's Even...
11/20/201514:51:00Foot Locker Says Irving and Curry Are Heating Up Shoe Market
11/19/201516:21:18Current Report Filing (8-k)
11/19/201516:15:00NIKE, Inc. Announces New $12 Billion Share Repurchase Program...
11/19/201514:06:34How Declining Margins at Under Armour Inc Could Signal Future...
11/19/201510:27:02These 5 Companies Own $81 Billion Worth of Microsoft Stock
11/13/201512:02:10Nike, Inc.'s CEO Is Crushing It -- And He's Stepping It Up
11/10/201520:16:00Retailers' Full Aisles May Force Holiday Discounts
11/05/201502:31:00Correction to China's Economy Slows Article Tuesday
11/02/201516:33:44Statement of Changes in Beneficial Ownership (4)
10/30/201518:48:30Nike: Excellent Company, But Terribly Overvalued

Nike and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations