S&P 100 Drops Nike: Formerly Disruptive Shoe Company Is Now Out of Fashionhttps://pjmedia.com/tim-o-brien/2026/09/06/s-and-p-100-delists-nike-formerly-disruptive-shoe-company-is-now-out-of-fashion-n4956942In a sign of the changing times, the S&P 100 is delisting Nike. To reiterate, the S&P 100 – not the S&P 500 – is delisting Nike, which is a reflection of the company’s poor performance on Wall Street and elsewhere. If you want to buy a share of the stock these days, it’s floundering around $38 to $40 per share, which is as low as it’s been in about 12 years. The delisting will take effect Sept. 21.
That’s a 75% drop from its peak in 2021. So, what gives?
Let’s explore the official reasons (excuses) first. Analysts say that Nike has encountered a perfect storm of stagnant sales growth, “shrinking gross margins,” and problems in China, where its shoes are manufactured and which represents a huge consumer market for the firm. But these aren’t reasons; they’re symptoms. Saying your stock is down because sales are down is like saying the reason I’m hungry is because I haven’t eaten any food.
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Nike is as much a fashion brand as an athletic performance shoe company. Things go in and out of fashion every day as fickle consumers’ tastes change. For the longest time, just having that Nike swoosh logo on a shirt or a hat or your shoes was enough to signal that you’re on trend, that you buy a certain quality, and that you maintain a certain image.
This branding was reinforced by Nike's status as the dominant sponsor of the major pro athletes in sports. From Tiger Woods to Michael Jordan, if you were a pro athlete, you weren’t “somebody” until you got that Nike shoe contract.
I do not have the knowledge/visibility to make definitive statements, but within my scope of observation:
1. Among brands I see at running events - organized trail and community street/road - the brands I currently see most often are Hoka and Saucony. Nike is in the lower pack with New Balance, Adidas, and On.
2. The brands I see most often at work (200 or 400 work in my building), I see Hoka most often, with New Balance and Nike vying for second most common.
Fifteen years or so ago (when I started walking in running events), Nike was most common in both contexts. Whatever the mix of reaction against Nike's embrace of activists and waves of fashion, Nike's Marketing Mojo has slipped. FWIW, Caitlin Clark has a Nike contract, and Sophie Cunningham an Adidas contract.
I've had very good experiences with the Hoka Clifton series, though my bank account and feet are good with New Balance 680 and 880 (both are "Fresh Foam" series) for daily wear and for work-outs and events.