"Holy cow, this is an extraordinary thing. Look, (the stock has) been terrible, but Nike is one of the great American innovators, and they're saying that they're starved for innovation," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.
Cramer noted that the firm said it could be a full year before Nike has something new.
"I am stunned because (Nike CEO) Mark Parker is a competitor. But see (Under Armour CEO) Kevin Plank is also a competitor," Cramer stated.
Cramer mentioned that last week Plank said he had to spend more to get Under Armour (UA) growth.
"Nike's not right here, it's expensive," Cramer contended.
Additionally, Deutsche Bank upgraded Macy's (M) to "buy" from "hold" and downgraded Nordstrom (JWN) to "hold" from "buy" today.
"Nordstrom has had a good run. Macy's has done nothing," Cramer said.
"The one that I've been in awe of here is MasterCard (MA) just in terms of things that have been working. Fantastic conference call...Credit cards are very strong," he added.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Nike stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, growth in earnings per share and good cash flow from operations.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: NKE