Nike is leaving the S&P 100 on September 21, a symbolic marker of how far the sportswear giant has fallen from its peak. The stock closed at $38.40 on September 4, its weakest level in about 12 years, after losing roughly half its value in a year and 76% in five years.
Nike was worth about $57 billion on September 4, down from roughly $264 billion at the end of 2021, while the S&P 100 gained 83% over the same period. The more difficult question is not why the stock has fallen, but why a company that once seemed to dictate where the sportswear industry was going is now struggling to keep up with it.
