Why Nike Stock Was Down on Friday

Nike (NKE -2.96%) shareholders were seeing red on Friday morning. The stock was down by 4% as of noon ET compared to a 0.2% drop in the wider market, according to data provided by S&P Global Market Intelligence. That decline added to a tough period for shareholders in recent months. The footwear giant is down 20% in the past year, while the S&P 500 has soared 21%.Friday's decline was sparked by news that Nike is laying off part of its workforce, potentially reflecting further demand weakness ahead.Making mo ...