10:24 ET -- Nike is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Nike plans to cut more than 1,600 jobs, or some 2% of its workforce. Chief Executive John Donahoe announced the move in a memo, The Wall Street Journal reported. Nike plans to use the savings to invest more in areas such as running, women's apparel and the Jordan brand. The cuts won't affect workers in stores, distribution centers, or on the innovation team, according to the Journal report. Nike confirmed the job cuts to MarketWatch. Dow Jones & Co. owns Factiva. (chris.wack@wsj.com)

(END) Dow Jones Newswires

02-16-24 1039ET