NEW YORK (TheStreet) --

Debra Borchardt:

Nike ( NKE) reported their earnings and holy cow were they good. Jim, this company came out. I mean, future orders increase 7% and I think that that's really the key here and that's why people are responding to this stock is because future orders increase 7%.

Jim Cramer:

Well, this was a...they put it together. There have been worries about gross margin. Nope. Gross margin good and worry about the future orders. Nope. Good. Worried about China. Addressed it square, head-on on a conference call. Great conference call. Mark Parker did a terrific job. Nike has gotten the luster back. This was...ever since the 80's, this has been one of the great growth stocks. It has stumbled, stumbled, stumbled. Now returning a lot of capital, they give you a big dividend boost and you see why. They have a level of confidence now that's terrific. They're pulling away from everybody else. They've got great technology. This is a good story.

Debra Borchardt:

And if it isn't working, they get rid of it like Cole Haan and Umbra. They say nope, that's it?

Jim Cramer:

They are serious business people and this reminds me of the Nike of old. I know it's up a lot. I know it's at an all-time high.

Debra Borchardt:

That's where I was going next.

Jim Cramer:

Buy it anyway.

Debra Borchardt:

Buy it anyway.

Jim Cramer:

Yeah, buy it anyway.

Debra Borchardt:

So, okay, it's in its 52-week high.

Jim Cramer:

Buy it anyway.

Debra Borchardt:

Now where do you think this could go?

Jim Cramer:

Look, I think that this is now one of the stocks that is going to go over time like McDonald's ( MCD) from $85 to it went to $100 and like Home Depot ( HD). It's just going to be one of those stocks when the market's good, it's going to go up. When the market's down, it's not going to go down very much because people are going to want to find a growth stock. This is the growth stock people want.

Debra Borchardt:

$70?

Jim Cramer:

You know, look, I think it's...the problem with that is if the market goes down. Nike will go down eventually.

Debra Borchardt:

Because it will follow the market.

Jim Cramer:

Right, it will follow the market and do a little bit better than the market and then when the market goes down, it will do a little better than the market too.

Debra Borchardt:

So it sounds like you're saying you can buy the stock and sleep at night.

Jim Cramer:

Yes. I think that this is the turnaround quarter that we've all been waiting for.

Debra Borchardt:

All right, dare I say it. Jim's saying you can...

Jim Cramer:

It's the turnaround quarter. I wish my charitable trust had owned it.

Debra Borchardt:

You can run with Nike, right Jim?

Jim Cramer:

Yes. Exactly right.

--Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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