Nike Inc (NYSE:NKE) shares are trading higher by 4.54% to $94.62. The stock may be rising in sympathy with the Chinese sector. Shares of several Chinese companies are trading higher following a report suggesting China could make changes to its COVID policy and may lift COVID flight suspensions.
Nike has both retail exposure to China and the company’s growing Shanghai-based Greater China Campus is home to several thousand employees.
What Happened?
Per a Reuters report, China will make substantial changes to the nation’s COVID-19 policy in the coming months, a former Chinese disease control official told a conference hosted by Citi on Friday.
Reuters also says that three sources familiar with the matter said China may, in the near future, lower quarantine requirements for travelers coming into the country.
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Additionally, Zeng Guang, former chief epidemiologist at the Chinese Centre for Disease Control and Prevention, said the conditions for China opening up were “accumulating”, reported Reuters.
According to data from Benzinga Pro, Nike has a 52-week high of $179.10 and a 52-week low of $82.22.
