LeBron James and the Cleveland Cavaliers' historic Game 7 win over the Golden State Warriors on Sunday night featured its share of outstanding sneakers and has already resulted in one special edition release, and financial experts says that it could also have a positive impact on Nike's stock.
CNBC's Jim Cramer says that the Finals win, along with the upcoming Olympics in Rio, have the potential to lift Nike, noting that its basketball division is having a particularly rough time as of late.
"This stock has been really beaten down," Cramer said of Nike. "Basketball sneakers have been in the doldrums—maybe this one wakes up."
Nike's stock was up almost two percent on Monday, and another analyst said it expects Nike to outperform estimates during the brand's quarterly earnings report next week. This comes after the stock dropped nearly 15 percent since December, which CNBC says can be attributed in part to Sports Authority's bankruptcy.