Nike extends NBA deal

Nike is the worst-performing Vestact stock over the last few years. We are waiting patiently for a turnaround.

We were pleased to see that their new CEO, Elliott Hill, just inked a 12-year deal to extend Nike's partnership with the National Basketball Association and the Women's National Basketball Association. Nike will continue to design and manufacture the on-court uniforms and fan apparel. They have had this role since 1992 (NBA) and 1997 (WNBA).

Basketball-related items are very important for Nike, given that shoes from the Jordan brand and court-inspired styles such as the Air Force 1 and Nike Dunk are a big part the company's sneaker sales offering.

Shares of Nike went sideways yesterday and are still stuck at around $80. We'd like to see them back above $100 in short order.