Nike to Be Removed From S&P 100 Index on September 21
On September 21, Nike (NKE) will be removed from the S&P 100 index as part of a quarterly rebalancing. The company is being replaced by Palo Alto Networks (PANW), marking an end to nearly 18 years in the index. Despite this change, Nike remains listed on the broader S&P 500 Index ($SPX). Its removal reflects ongoing challenges including declining digital sales and operational issues that have led to a roughly 50% drop in market value over the past year. Nike's stock currently trades near its 52-week low at around $37, significantly below its peak of nearly $76.97 earlier this year. The company reported fiscal fourth-quarter results showing revenue growth but still underperformed expectations due to a decline in Nike Direct and Converse sales. While the adjusted earnings per share beat estimates, investors remain cautious about long-term recovery. The stock offers an attractive 4.3% forward dividend yield based on its current price of $37, with recent quarterly dividends at $0.41 per share.
Topics: Nike (NKE) Palo Alto Networks (PANW) S&P 100 stock index changes