Sportswear giant Nike is being removed from the S&P 100 index
Nike, which will leave the S&P 100 index after 18 years due to a major drop in its market value, will be replaced by technology companies.
World-renowned sportswear giant Nike is being removed from the S&P 100 index after 18 years, following massive drops in its stock value and a decline in its market capitalization.
Massive loss in stock value
Closing at $38.40 on Friday, the stock fell to the company's lowest level in the past 12 years. The stock has lost nearly half of its value over a one-year period and approximately 76 percent over a five-year period.
Dramatic drop in market value
The company's market value, which was around $264 billion at the end of 2021, has dropped to the level of $57 billion today alongside the economic losses experienced.
Historic change in the index
Following these developments, it was noted that Nike, which will leave the S&P 100 index tracking Wall Street's prominent companies on September 21, will be replaced by four technology companies.