Nike trades lower after Avenatti teases 'major' basketball scandal

Shares of Nike (NKE) moved lower after outspoken lawyer Michael Avenatti claimed on Twitter that he uncovered the shoe giant perpetrated a "major" college basketball. The details will be announced tomorrow, Avenatti said. His tweet reads, "Tmrw at 11 am ET, we will be holding a press conference to disclose a major high school/college basketball scandal perpetrated by @Nike that we have uncovered. This criminal conduct reaches the highest levels of Nike and involves some of the biggest names in college basketball." Shares of Nike are down 1%, or 94c, to $81.22 in midday trading following the tweet.