One disturbing Dow Jones Industrial Average stock? How about Nike (NKE - Get Report) . Shares gapped lower Tuesday morning, falling more than 2.5% shortly after the open. The stock has since rebound, but is still down more than 1%.

Shares are actually up 4% on the year, but are down 7.4% over the past 12 months. Since December 2015, Nike shares are down more than 20%. This stock has not been much help to the Dow, TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.

Foot Locker (FL - Get Report) reports earnings later this week, which could move shares of Nike, he noted. However, Under Armour (UAA - Get Report)  and Adidas continue to put pressure on Nike.

Given the underperformance, it seems like Nike could surprise investors with a rally, Cramer said. But there's no sign of one to come and it has become a tough stock to get a read on.

Nike's underperformance has become rather amazing, he reasoned, because Nike does not disappoint for long, but it's been several quarters in a row where this one has been a dog.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.