Nike Could Trip Over Soaring Numbers of COVID Cases in Vietnam

·3-min read
Nike Could Trip Over Soaring Numbers of COVID Cases in Vietnam

The market paid no heed to reports that Nike (NYSE: NKE) might run out of sneakers because of rising COVID-19 cases in Vietnam, sending the footwear maker's stock even higher. Everyone from Apple to Walmart relies heavily upon Vietnam for supplies, and with COVID-19 cases reaching record levels in the country, factories are shutting down to contain the spread. Data from Panjiva, the supply chain research unit of Standard & Poor's Global Market Intelligence, revealed two of Nike's Vietnamese sneaker suppliers shut down production due to the COVID-19 outbreak.