Breakfast Briefing: Nike's Zion-sized problem

Plus: Kraft Heinz shares plummet after it writes down brands' value, acknowledges SEC subpoena.

Photo credit: Getty Images
Photo credit: Getty Images

New this morning: U.K.-based firm Lansons has bought a majority stake in Intermarket, a New York strategic communications consultancy, in its first expansion abroad. International clients, many of which are based in the Big Apple, make up 10% to 20% of Lansons’ client roster, the firm said.

Always wanted to be a magazine cover designer? Well, here’s your chance, sort of. Vote on the best cover for PRWeek’s March/April issue, which features the 2019 class of the Hall of Femme. Go here to see the entries and pick your favorite cover.

Basketball star Paul George is taking a break from his best year yet to check in with Nike about what went wrong with Zion Williamson’s shoe on Wednesday night. (If you’ve been living in a cave or in a self-imposed media blackout for the past two days, the star prospect’s shoe, designed in part by George, exploded in front of President Barack Obama and a national audience during a game against North Carolina). Nike’s stock value has dropped by $1.1 billion since the shoe debacle, which has also raised more questions about the outsized influence sneaker companies have over college sports.

Speaking of shares plummeting, Kraft Heinz was down 21% in pre-market trading after it wrote down the value of household-name brands by more than $15 billion in what analysts are seeing as an acknowledgement of changing consumer tastes. The company also said it received a subpoena from the Securities and Exchange Commission about an investigation into its accounting and controls.

Finally, here’s something you don’t see every day at a press conference. Former Golden State Warriors coach Don Nelson showed off a new look at a Thursday presser. Asked what he’s been up to since retiring from the bench and moving to Hawaii, Nelson said, "I’ve been smoking some pot."

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