Nike, McDonald's, Constellation Brands Plummet to 52-Week Lows

Nike, McDonald's, and Constellation Brands saw their shares plummet to 52-week lows amid negative catalysts and broader sector weakness.

NKE stock fell 0.78% at close after an announcement last week that it will be removed from the S&P 100 index as of September 21, marking its nearly 18-year run in the blue-chip stock group.

The company's exclusion from the S&P 100 has significant implications for investors and analysts alike. BMO Capital analyst Kelly Crago initiated coverage of Nike with an 'Underperform' rating and $30 price target, implying a downside of more than 21% from its last close.

Crago cited slowing lifestyle demand, a China distribution reset, and structurally lower margins as key challenges facing the company. This comes as investors await Nike's fiscal first-quarter (Q1) results in October, which will set the tone for the rest of the year.