Being dropped from an exclusive club is rarely a good look, and for Nike Inc. (NYSE: NKE), the blow could hardly land at a worse time. The sportswear giant is set to be removed from the S&P 100, the index of America's 100 largest companies, later this month in a symbolic demotion that captures how far this former market darling has fallen.
The numbers behind the fall are sobering. Nike shares are down more than 40% so far this year, and recently dropped below $40 for the first time since 2014, continuing a grinding slide that has wiped out years of gains.
