Nike Stock in Focus Amid Plans to Trim More than 700 Staff by End of June

Group 1 - Nike plans to lay off 740 employees by the end of June as part of a multi-year cost-cutting strategy aimed at reducing expenses by $2 billion [1][2] - The company previously announced a reduction of 1,600 jobs, approximately 2% of its total workforce, due to declining demand for its products [2] - Nike's CFO indicated a low single-digit decline in revenue is expected in the first half of the 2025 fiscal year, highlighting a transition in the product portfolio [2] Group 2 - Nike's stock has decreased by 13% since the beginning of the year, contrasting with a 4% increase in the S&P 500, amid concerns over innovation, inventory backlog, and competition [2] - The share price is forming a double bottom pattern, with support around $89 and potential resistance at $104, which could lead to a test of higher resistance at $115 [3] - The stock closed at $94.53 on the last trading day [3]