The bulk of earnings have slowed down and most won't pick up until next month, but we still have some notable stragglers in between. Getting the most attention Tuesday will be Nike (NKE) - Get NIKE, Inc. (NKE) Report and Micron (MU) - Get Micron Technology, Inc. (MU) Report , with both companies set to report earnings after the close.
Beginning with retail, NKE stock has been under duress from Finish Line (FINL) and Foot Locker (FL) - Get Foot Locker, Inc. Report falling from the upper-$50s to the lower-$50s over the past month. Investors will want an update on the sneaker landscape, how its plans with Amazon.com, Inc. (AMZN) - Get Amazon.com, Inc. Report are going and what they can expect going forward.
"Nike could have a good number," TheStreet's Jim Cramer said from the floor of the New York Stock Exchange Monday. "But then people will sell it again because of Adidas (ADDYY) ."
Adidas has been clawing market share away from Nike at a breathtaking pace, now owning 24 of the top 60 shoes in the market, up big from just 2 shoes in the same period last year. "The sneaker industry remains in flux, I don't want to touch it," said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. "There are too many players in the sneaker industry," he added.
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Turning to tech, Micron is also on tap. After falling quickly in late July and early August, MU stock has been on a sharp rebound, recently posting new 52-week highs this month.
"I think it's going to have a blowout number," Cramer reasoned regarding Micron. Analysts will likely be forced to raise their estimates, as too many investors have expected DRAM prices to come under pressure. But that hasn't been the case, as the DRAM and flash businesses remain "really good" and that should be good for MU stock, he concluded.
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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.