Is the athletic shoe trade back on? It looks like it might be, with Finish Line (FINL) stock higher by roughly 10% Thursday.

Shares are ripping after the company beat on earnings per share and revenue expectations for its fiscal third quarter. Management also boosted its full-year earnings per share guidance from a range of 50 to 60 cents, to 59 to 67 cents, TheStreet's Jim Cramer pointed out on CNBC's "Mad Dash" segment.

When was the last time investors saw Finish Line boost guidance rather than cut it? No wonder shares are rallying. However, there are a couple of read-throughs from the report that Cramer picked up on.

First, many would think that if Finish Line is doing well, then so too is Nike (NKE) , a thesis that Cramer happens to agree with. It just so happens that Nike is set to report earnings on Thursday after the close, so we won't have to wait long to find out. Foot Locker (FL) is also up about 2% on the news as well.

But another company many seem to be forgetting about? Macy's (M) . Shares are now up 1.5% Thursday after opening close to flat on the session. Finish Line runs about 950 stores inside of Macy's locations. Sales for these locations actually outperformed the company's overall sales results, suggesting that traffic is higher in Macy's, reasoned Cramer, who manages the Action Alerts PLUS charitable trust portfolio.

Analysts currently expect a comparable-store sales contraction of 0.8% for Macy's. However, the retailer could be heading for a better-than-expected result this quarter. If that's indeed the case, Macy's stock looks very cheap, he said.

Another positive for Macy's? With Christmas falling on a Monday, shoppers will be out in force on Saturday and Sunday, which could bode well for the retailer, Cramer concluded.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.

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