Nike Drops Out of S&P 100 as Market Value Hits 12-Year Low

Nike will exit the S&P 100 index on September 21st as its market value lags behind other top companies. The U.S. company's stock has dropped to a 12-year low, with a closing price of $38.40 under the ticker symbol NKE.

The change is part of a broader shift in the S&P 100, which will also see Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive leave the index on the same date.

Nike's removal from the S&P 100 is due to its relatively weak performance compared to other top companies. The company's annual profit fell 3.5% to $3.108 billion in the first full year with Elliott Hill at the helm, driving a transformation plan.