Nike Slumps, Seagate Falls, Freeport-McMoRan Rises

Today's biggest winners and losers in the stock market, a look at the notable movers:
On this episode of Stock Movers:

- Nike (NKE) is cutting jobs and overhauling the business as results deteriorate, with a restructuring plan expected to save $2.5 billion over the next five years. The company announced weaker-than-expected sales for the latest quarter and a disappointing outlook for this fiscal year, with a high-single-digit revenue decline expected. Nike shares fell as much as 8.9% after the announcement, with at least 10 analysts lowering their price targets for the stock, which has now fallen 49% this year.

- Shares of Western Digital and Seagate Technology are both dropping on Friday, after Nikkei reported that Toshiba would invest ¥60 billion to double its production capacity for hard disk drives. However, analysts see low risk from the report.

- Freeport-McMoRan (FCX) shares rose as much as 4% after the miner said that its third-quarter copper production and sales results are expected to meet guidance.

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