Bank of America Merrill Lynch downgraded shares of Nike (NKE) - Get NIKE, Inc. Class B Report to UNDERPERFORM from NEUTRAL, and the TheStreet's Jim Cramer called the downgrade "painful." Cramer likes Nike's CEO, but says competition is heating up from companies like Under Armour (UA) - Get Under Armour, Inc. Class C Report and Adidas. Cramer recommends that investors buy stock of Foot Locker, (FL) - Get Foot Locker, Inc. Report which can compete against all three of those sportswear companies on price. In early trading on Monday, shares of Nike fell more than 3%. Cramer spoke from the floor of the New York Stock Exchange.
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