NEW YORK (TheStreet) -- Stocks have taken a turn for the worse on Friday, falling on the day. The CNBC "Fast Money Halftime" traders, however, are focusing on one of the market's bright spots -- Nike (NKE).
The company topped earnings-per-share and revenue estimates, driving the stock to an all-time high. In the long term, investors should be long Nike, according to Michael Block, chief strategist at Rhino Trading Partners. The time to buy, though, was last quarter when the stock wasn't trading as well. While the stock doesn't have a low valuation, the company has above-average growth, he explained.
"The fitness craze is really broad," giving a boost to many fitness-related companies, said Jim Lacamp, vice president of investments at UBS. He likes Nike, a company that has strong earnings growth and is doing well internationally.
Jim Lebenthal, president of Lebenthal Asset Management, also likes the stock, but said he would wait for shares to drop to $95 to $100 before getting long. And while Under Armour (UA) has superior growth, he isn't a buyer of that stock either, given its current valuation.
Josh Brown, CEO and co-founder of Ritholtz Wealth Management, agreed, calling Foot Locker a "home-run" stock that pays a nice dividend and has huge earnings growth and a reasonable valuation. As for Nike, investors should wait for a temporary negative catalyst to weigh on the stock price, such as forex or inventory issues, he said.