NEW YORK ( TheStreet) -- TheStreet's Jim Cramer is keeping an eye on Nike (NKE) - Get NIKE, Inc. Class B Report as the company is set to report its fiscal first-quarter results on Thursday after the market closes.
Cramer said he's watching Nike because "it's a Dow stock that reported an unbelievable quarter last (time), they have a huge business in China, Nike is one of those companies that told you the China consumer is doing well, this would be a welcome relief from a lot of people saying that things aren't so good in China."
He continued: "Let's hear what Nike has to say, it is vital that Nike dispel some of the gloom that has really descended on the stock market."
Analysts polled by Thomson Reuters are expecting the athletic and sports apparel retailer to post earnings of $1.19 a share on revenue of $8.21 billion. The company earned $1.09 a share on revenue of $8 billion in the year-earlier quarter.
Investors will want to hear from the earnings call if the company is benefitting from its fashionable activewear line or if "athleisure" is merely a passing trend. Investors will also be focused on how currency exchange is affecting business as the company earns more than 50% of its revenue outside the United States. Forty percent of its revenue comes from North America where it is the market leader in the athletic footwear market.
On Monday, analysts at UBS raised their price target on Nike's stock to $128 from $122.
The shares -- which are up 20% year to date -- were trading at $115.48, down 49 cents, on Wednesday afternoon.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in the stock mentioned.