Nike Inc.’s (NKE.N) market capitalization is down US$3.4 billion since the company released its latest ad campaign featuring controversial quarterback-turned-activist Colin Kaepernick.

But it’s not all bad news. The latest estimates put the value of the media exposure from the campaign at more than US$163 million, according to Apex Marketing Group — almost four times the US$43 million tallied in the first 24 hours since the ad debuted.

Apex characterized roughly 40 per cent of the publicity as positive, 30 per cent negative and 30 per cent neutral.

Nike’s stock was up as much as 0.94 per cent Thursday as of 10:13 a.m. ET.