Jim Cramer Reveals Why Foot Locker's Earnings Call Was Devastating for Nike

What Foot Locker's quarter means for Nike.
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TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer is concerned about Foot Locker (FL) - Get Report and the weakness in Nike's (NKE) - Get Report Michael Jordan sneaker line. 

"[Foot Locker] said basketball shoes were down double-digits - that's shocking," Cramer said. 

On Monday, Nike was downgraded by Jefferies. 

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