Shares of Foot Locker, Inc. (FL)  were under intense pressure Friday, falling 12.7% to $40.04. At one point though, shares were down 16%. 

The stock is still ~$12 per share above its 52-week highs, but its reaction to the company's fourth-quarter earnings show just how much of a disappointment it was, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.

While Foot Locker beat EPS estimates, revenue of $2.21 billion and a same-store sales decline of 3.7% both came in below expectations. Even worse was the guidance.

Cramer pointed out that management is looking for just flat to slight upside in comp-store sales results for 2018. However, that's dependent on a second-half recovery, as management still expects weakness throughout the first-half of 2018.

In other words, investors aren't feeling encouraged by the forecast. That's too bad, because "this is a very, very good company and it was making a nice recovery," said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

Finish Line Inc.  (FINL)  was down about 10% at its lows, but surprisingly ended the day down just 0.67%. Nike Inc.  (NKE)  bounced off its lows too, closing lower by 0.35%. 

Miraculously, Under Armour Inc.  (UA) (UAA) stock rallied on the day after opening lower, which does not seem too surprising to Cramer. He reasoned that Nike is likely to be more impacted by Foot Locker's disappointment. Shares of Under Armour closed higher by almost 6%. 

He also pointed out that Nike does a lot of business in China, as does Apple Inc. (AAPL) . Hopefully cooler heads prevail in this budding trade-war concern, Cramer concluded.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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