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Nike to the Moon?
Nike was, and it gives me no pleasure to say this, taking off in intraday trading following its earnings report.
The company posted earnings of 93 cents per share, on revenue of $12.3 billion. Analysts were expecting the company to report earnings of 51 cents per share on revenue of $11.03 billion.
“Nike's strong results this quarter and full fiscal year demonstrate Nike's unique competitive advantage and deep connection with consumers all over the world,” said CEO John Donahoe.
And Nike also commented on China after reporting a 17% increase in China revenue to $1.933 billion.
"Building on our 40-year history in Greater China, we continue to invest in serving consumers with the best products Nike has to offer in locally relevant ways," said CFO Matt Friend in the conference call following the earnings release.
Surprise! We Have an Infrastructure Deal
"Cramer said this news was totally unexpected, and was great for the usual construction-oriented stocks like United Rentals (URI) - Get Report, Caterpillar (CAT) - Get Report and Vulcan Materials (VMC) - Get Report," wrote TheStreet's Scott Rutt in his Mad Money recap.
"But beyond the infrastructure names, the market leaders included a mix of names that made Cramer take notice. A rally in Tesla (TSLA) - Get Report tells us that growth investing is back. The rise in Darden Restaurants (DRI) - Get Report shows optimism for the American consumer, while Align Technologies (ALGN) - Get Report is good for discretionary spending. Meanwhile, Qorvo (QRVO) - Get Report and Skyworks Solutions (SWKS) - Get Report tells us that there's more to tech than just the FAANG stocks," he continued.
Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Friday's Daily Rundown.