Nike Plunges After Slashing Its Outlook and Announcing Cost Cuts as Demand Softens

Key TakeawaysNike shares plunged as the athletic apparel retailer cut its full-year revenue forecast, citing softness in demand, especially overseas.Nike pointed to increased macroeconomic headwinds impacting sales.The company also plans to cut $2 billion in costs over the next three years.Nike (NKE) was the worst-performing stock in the Dow and S&P 500 as shares tumbled over 10% in intraday trading Friday after the athletic apparel retailer slashed its full-year outlook because of “softer” sales in the sec ...