BUZZ - Nike's stock plummets due to weak annual revenue outlook and missed sales expectations

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October 2 - ** Athletic apparel giant Nike (NKE.N) shares fell about 6% to $32.97, hitting a nearly 13-year low

** Full-year revenue is expected to decline significantly (link), and first quarter sales missed expectations due to weak demand in China

** Announced layoff plans, but did not disclose the specific number of layoffs

** Analysts at RBC Capital Markets said in a report: "The situation is likely to worsen before it improves"

** Nike expects fiscal year 2027 revenue to decline by a high single-digit percentage, while the market consensus is for a 2% drop—data compiled by LSEG

** The restructuring plan is expected to achieve about $2.5 billion in cost savings by fiscal year 2031, with layoffs beginning in 2027

** After the earnings report, at least five brokerage firms lowered their target price

** Among 44 brokerages, 12 rate the stock as "buy" or higher, 26 rate it as "hold", and 6 rate it as "sell"; the median target price is $43—data compiled by LSEG

** As of the previous trading day's close, NKE shares have fallen nearly 45% year-to-date

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