Tuesday Turnaround: Nike Takes a Knee
Ready to get back to work after the long weekend?

It's been a rollercoaster ride of a Tuesday. 

Let's break down the top stories on TheStreet.

Nike is Making Waves

Nike (NKE) tumbled after announcing that it tapped Colin Kaepernick, the ex-NFL quarterback, to lead its "Just Do It" campaign. TheStreet's Martin Baccardax dove head first into Nike's drama.

Kaepernick inspired a series of nation-wide protests against police brutality and social injustice but courted controversy by kneeling during the playing of the national anthem.

Nike chose Kaepernick, who is currently suing the National Football League for collusion after he failed to find a spot on any team roster despite leading the San Francisco 49ers to the Super Bowl in 2013, to lead the 30th anniversary of its iconic "Just Do It" campaign that includes tennis superstar Serena Williams and skateboarder Lacey Baker. Kaepernick's participation was first made public via his official Twitter account late Sunday with the phrase "Believe in something, even if it means sacrificing everything."

"We believe Colin is one of the most inspirational athletes of this generation, who has leveraged the power of sport to help move the world forward," Nike North America vice president Gino Fisanotti told ESPN.

While Nike's previous campaigns have defined sports culture in the United States and helped developed the global stardom of athletes such as Tiger Woods, Michael Jordan and Roger Federer while generating billions in revenue for the world's biggest sportswear company, its current effort has courted immediate controversy and could lead to customer backlash in its biggest market, where it is already losing ground to its main global rival Adidas AG (ADDYY) .

TheStreet's Brian Sozzi said, "Long-term investors should favorably view the deal as it shows Nike trying to skate where the puck is headed in society."

Not Enough Model 3's to Go Around

In its early-August earnings report, Tesla (TSLA) management said it expects to produce 50,000 to 55,000 Model 3 vehicles. So far, the company has cranked out nearly 35,000 units—15,000 shy of its range, reported Bret Kenwell.

In fact, should it hit its average production over the past two months (about 17,350), it should land somewhere near 52,000. That's assuming that Tesla doesn't improve its run rate, something that's possible if it believed it could hit 6,000 units a week by the end of August.

Overall, the company has produced roughly 53,000 vehicles in the quarter, meaning that about 18,300 vehicles are a mix of the higher-end Model S and X vehicles.

That should give investors another nod of confidence, particularly in the company's prediction that it will be cash flow positive and GAAP profitable this quarter and next quarter. However, despite a better-than-expected earnings report about a month ago, Musk's "funding secured," go-private fiasco added plenty of chaos to the situation.

The question now is whether Tesla stock will trade without any clear catalysts ahead of it. Will bulls become emboldened by the likelihood of a third-quarter profit? Or will doubts start to creep in and further pressure shares ahead of earnings (likely in late October or early November) as we've seen over the past two quarters?

Jim Cramer has Advice for Investors

"This is one where you wait a day and you buy," said TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer. "Nike's very good."

Cramer suggests that investors take a breather and "wait a day" before buying. 

But Nike isn't the only company on Cramer's mind. He also had some stuff to say about Advanced Micro Devices (AMD) and Intel (INTC) .

"Google Eric Jhonsa AMD—and you will read everything about why AMD is beating Intel," said Cramer, referring to TheStreet's tech columnist Eric Jhonsa.

He also praises Lisa Su, CEO of AMD, for a brilliant job.

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