NEW YORK (TheStreet) -- Shares of Nike Inc. (NKE) are up by 1.37% to $104.72 in pre-market trading on Thursday morning, after the athletic footwear and apparel retailer announced an eight-year global merchandising and marketing partnership with the National Basketball Association (NBA) and the Women's National Basketball Association (WNBA).
The partnership will begin with the 2017-2018 season.
"As our exclusive on-court apparel provider, Nike will be instrumental in our collective efforts to grow the game globally while applying the latest in technology to the design of our uniforms and on-court products," NBA Commissioner Adam Silver said in a statement released by Nike.
Nike has been a global marketing partner of the NBA since 1992 and under the new eight-year expansion agreement will become the first NBA apparel partner to have its logo appear on players' uniforms.
"A marketing partner of the WNBA since its inception in 1997, NIKE will now have an expanded presence at WNBA All-Star and other events throughout the season. Also, for the first time, NIKE will become a marketing partner of the NBA Development League," Nike said.
Separately, TheStreet Ratings team rates NIKE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NIKE INC (NKE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."