Nike Inc. will be removed from the S&P 100 index on September 21 as part of a “quarterly rebalance” designed to keep the index representative of the largest U.S. mega-cap companies by market capitalization.
The change comes as Nike’s market capitalization has shrunk to about $60 billion from as high as $280 billion in November 2021. Nike’s shares closed Friday at $38.40, down from its all-time closing high of $161.91 reached on November 5, 2021. Nike first joined the index in December 2008.
Honeywell Aerospace, Simon Property Group and Colgate-Palmolive were also removed from the S&P 100 as part of the adjustments while Dell Technologies, Palo Alto Networks, Arista Networks and Sandisk were added to the index.
S&P also made changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600. S&P said the overall changes “ensure that each index is more representative of its market capitalization range.”
Image courtesy Nike
