This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Nike Backs Lance Armstrong Amid Doping Scandal

NEW YORK ( TheStreet) -- Even though Lance Armstrong has dropped his fight against the U.S. Anti-Doping Agency (UADA) on claims he cheated throughout his career and will give up his seven Tour de France wins, he won't have to give up one of his biggest endorsers.

Nike (NKE - Get Report) said it continues to stand by Armstrong despite the claims that he took performance-enhancing drugs during his racing career.

"Lance has stated his innocence and has been unwavering on this position. Nike plans to continue to support Lance and the Lance Armstrong Foundation, a foundation that Lance created to serve cancer survivors," the Beaverton, Ore.-based company said in a statement obtained by Reuters.

Armstrong has never publicly failed a drug test, but the former cyclist nevertheless decided it was time to give up the fight. "Enough is enough," Armstrong quipped, when talking about the ongoing battle between him and the agency. The UADA took away Armstrong's titles, and he is now banned from cycling.

Armstrong and Nike have a long history together, which stems in part from Armstrong being a cancer survivor. Armstrong's cancer organization, Livestrong, works with Nike to help raise money and created the Livestrong wristbands and line of clothing.

Nike shares were rising nearly 2% to $97.06 in afternoon trades.

Interested in more on Nike? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
NKE $98.55 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs