Nike (NKE - Get Report) was upgraded by Susquehanna and Piper on Monday and TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer is looking for a read through to Foot Locker (FL - Get Report) , which reports earnings on Friday.

"I think that the two upgrades today were trying to get ahead of Foot Locker," Cramer noted. "Foot Locker looks like a cheap stock."

Foot Locker shares are up 9% since the start of the year.