NEW YORK (TheStreet) -- Nike (NKE) is the first name in fitness to take advantage of the Apple (AAPL) iPhone 5s' potential. The Nike + Move app uses the 5s' M7 chip, a new addition to the hardware, to track movement affecting the gyroscope, accelerometer and compass even while the app is not in use. Users can then analyze the data, earn "NikeFuel" and compete against friends and Nike + Move users in the vicinity.
The app was introduced a day before pre-orders for the Nike + FuelBand SE begin to ship. FuelBand SE, Nike's latest entrant into the wearable technology space, is more sports-specific than other offerings such as Samsung's Galaxy Gear smartwatch or Google (GOOG) Glass, offering comprehensive activity tracking throughout the day.
The Nike + Move app, available free from the App Store, is expected to generate interest and increase sales by giving users a sampler of the Nike ecosystem.
Nike shares were gaining 0.6% to $76.81 while Apple was slipping 0.2% lower to $525.58.
TheStreet Ratings team rates NIKE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NIKE INC (NKE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. 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, solid stock price performance and impressive record of earnings per share growth. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."