Stein Mart's Stock Tumbles Toward Longest Losing Streak In 3 1/2 Years After S&P Index Changes

Shares of Stein Mart Inc. tumbled 4.7% in morning trade Wednesday, putting them on track for an 8th-straight loss, after S&P Dow Jones Indices said it was booting the apparel and home accessories retailer from its S&P SmallCap 600 index , effective July 19. That would be the longest losing streak since the 9-session losing streak ending Jan. 27, 2014. Stein Mart's stock has plunged 78% year to date, which slashed its market cap to $58.58 million from about $261 million at the end of 2016. It was still 25% above its record closing low of 99 cents on Dec. 16, 2008. The stock is being replaced in the SmallCap 600 by Chico's FAS Inc. , which was also being removed from the S&P 400 MidCap Index . Chico's will be replaced in the MidCap index by JBG Smith Properties when it is spun off by Vornado Realty Trust on July 18. The SmallCap 600 has edged up 2.8% year to date, while the 400 MidCap has gained 5.9% and the S&P 500 has tacked on 9.2%.