Nike pares losses after Avenatti gets charged with extorting company

Shares of Nike pared their losses after Bloomberg reported that celebrity lawyer Michael Avenatti was charged by federal prosecutors in New York with attempting to extort millions of dollars out of the company. The lawyer threatened to release damaging information about Nike, which did not meet his demands, according to Bloomberg. Shares of Nike moved lower in midday trading after Avenatti tweeted, "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." Nike is now down 22c to $81.94.