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Jim Cramer Says Nike Downgraded Is "Painful," Buy Foot Locker

Jim Cramer says competition is heating up in athletic wear, and he recommends buying Foot Locker.
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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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