Nike, Inc. (NYSE:NKE) announced on September 16 that Alexandre Arnault, deputy chief executive of LVMH's Moët Hennessy division and son of LVMH chairman and chief executive Bernard Arnault, has joined its board. The shares closed up nearly 2% the next day, a rare up day in a year in which they have lost roughly 43% and fallen to their lowest level in more than a decade. The appointment landed in a bad week. On September 17, UBS cut its price target to $42 from $48, and on September 21 Nike left the S&P 100, the index of the largest US companies, though it stays in the S&P 500, replaced along with three others by a group of technology names. Nike reports first-quarter results on October 1.
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