Colin Kaepernick knelt for the national anthem for the first time a decade ago. Nike rushed to embrace him then and has been paying a heavy price ever since, albeit with a brief spike in 2021, signified by plunging profits and a stock crash of 78 percent since that high.
\n\nThe ultra-woke sportwear company is set to leave the S&P 100 later this month as part of the index’s quarterly rebalance, ending a nearly 18-year run in the indicator.
\n\nDell Technologies (DELL), Palo Alto Networks (PANW), Arista Networks (ANET) and SanDisk (SNDK) will replace Nike and three other companies.
\n\nForbes notes Nike’s fate comes after years of underperformance. It outlines some of the factors involved:
\n\nThis reflects Nike’s struggles with over-reliance on old franchises, a flawed direct-to-consumer strategy, weakened wholesale ties, and rising competition from brands like Hoka and On, alongside a weak China market.
\n\nThe S&P 100 shift also highlights a broader market trend favoring tech and AI infrastructure over traditional consumer giants.
\n\nNike stock traded this summer around levels investors had not seen in more than a decade and is now about to suffer another symbolic blow.
\n\nIt all hearkens back to the time Nike’s favorability ratings took…
Original source: https://www.breitbart.com/economy/
