Nike will be removed from the S&P 100 on Sept. 21 before the market opens, after nearly 18 years in the index, with Palo Alto Networks taking its place in the quarterly rebalancing. Nike will remain in the broader S&P 500. The symbolic change comes as shares trade near their 52-week low after losing roughly one-third to one-half of their value over the cited periods, reducing Nike's market capitalization to about $54.62 billion. Nike beat fiscal fourth-quarter expectations with adjusted EPS of $0.20 versus $0.11 expected and revenue of $10.97 billion versus an $10.85 billion forecast, but revenue declined about 1.1% year over year. Wholesale revenue increased 4% to $6.6 billion, while Nike Direct fell 7% to $4.1 billion, including a 12% decline in Nike Brand Digital, and Converse revenue plunged 32%. Analysts' consensus is Hold among 37 analysts, with an average price target of $50.12, although the older consensus cited Moderate Buy, a $49.98 mean target and a $75 Street-high target. Nike's challenges include execution, digital weakness and Greater China, while Baird reduced its holdings and executives sold shares through pre-established Rule 10b5-1 plans.