Nike stock plunges 78%, exits S&P 100
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Nike shares have fallen about 78 percent from their 2021 peak as the sportswear giant prepares to leave the S&P 100, marking another symbolic blow after years of underperformance.
Forbes cited weakening sales momentum, tougher competition from brands such as Hoka and On, struggles in China and missteps in Nike’s direct-to-consumer strategy.
The company will remain in the S&P 500, while management continues efforts to revive growth through new products and repaired wholesale relationships.
