Nike Set to Leave the S&P 100 on September 21 After a 40% Decline

Nike will be removed from the S&P 100 effective September 21 following a roughly 40% decline in the share price this year. The company retains its place in the broader S&P 500, so the change is a market-capitalization ranking adjustment rather than an index exit. The practical effect is narrower: funds tracking the large-cap 100 will sell, while S&P 500 trackers are unaffected.

The operational picture is in transition. Jane Ewing, a 14-year Walmart veteran, began as chief commercial officer on September 7, part of a leadership refresh under way as the company works through inventory and wholesale channel issues. Fiscal first-quarter results are scheduled for October 1 and will be the first substantive read on whether the turnaround is producing measurable change.

Sell-side opinion remains split. Across 40 analysts the consensus rating is Hold, with an average 12-month target of $49.87, implying roughly 35% upside from recent levels near $38.41. The dispersion in that estimate range is the more informative number: it reflects genuine disagreement about whether the current price discounts a cyclical trough or a structural loss of share.