At least today, the shoe doesn't fit.
Real Money Stock of the Day Nike (NKE) - Get NIKE, Inc. (NKE) Report slumped around 3 percent following President Trump's tweet that an additional tariff will be placed on Chinese goods beginning on September 1.
Currently, 23 percent of Nike footwear and 27 percent of apparel is manufactured in China, according to company filings. In addition, FactSet notes that 15 percent of Nike revenue is directly tied to China.
With the news hitting right as back to school season kicks off, is it time to "just do it" and sell out of Nike?
Here's what Action Alerts PLUS senior analyst Jeff Marks had to say:
"So, I mean, you could sell it because it probably has more room to the downside, but, you know, I still think over time, if there is one apparel maker who can, who can navigate what's going on right now, it's probably going to be Nike," he said.