Nike Dropped from S&P 100 Index Amid Significant Market Decline

Nike Inc., one of the largest athletic footwear and apparel brands globally, has been removed from the S&P 100 Index in a quarterly rebalancing announced by the S&P Dow Jones Indices. The removal takes effect on September 21, marking the end of Nike's nearly 18-year tenure as a component of this prestigious index.

Nike will remain in the S&P 500 Index but has seen its market capitalization plummet from approximately $264 billion at the end of 2021 to about $57 billion today. The company's stock price recently closed at $38.40, representing a staggering decline of around 75-80% from its historical high of approximately $177.51 in November 2021.

Nike operates in the Consumer Cyclical sector and generates about two-thirds of its sales from footwear. Despite recent challenges, Nike remains a key player in the global market. The company's current dividend yield stands at 4.27%, with a payout ratio that suggests sustainability, supported by a GF Value™ of $73.00, indicating the stock is significantly undervalued at its current price.