Foot Locker to be an official U.S. marketing partner of the NBA, but that doesn’t help the stock

Foot Locker Inc.
FL,
-5.11%
announced Thursday a multi-year partnership with the National Basketball Association, that makes the athletic footwear and apparel retailer the official market partner of the professional basketball league. “This exciting partnership cements Foot Locker’s position at the center of basketball and sneaker culture and expands our collaborative journey with the NBA,” said Foot Locker Chief Commercial Officer Rank Bracken. Financial terms of the partnership were not disclosed. Meanwhile, the news didn’t help Foot Locker’s stock, which dropped 4.2% in midday trading. While it has run up 26.7% since closing at a 13-year low of $16.64 on Aug. 23, it has still tumbled 44.3% year to date, while the S&P 500
SPX,
-0.04%
has gained 17.1% this year. Foot Locker is slated to report fiscal third-quarter results on Nov. 29, before the market opens at 9:30 a.m. Eastern.