Don't read too much in to Nike's announcement last night of another 1% headcount reduction (from 4% to 5%). It is not due to another downturn in biz nor is it a response to Adi being on the ropes.
It is simply the end of their fat-tailed process to evaluate and drill down who is being let go as part of the broader restructuring. In actuality, it looks like any stress internally regarding who will be let go will finally come to an end, and there will be more of an SG&A pad.
I still would not touch the stock here, but I also want to get the unbiased facts to you before Mr. Market makes up its own narrative and takes on a mind of its own.