Bank of America Merrill Lynch downgraded shares of Nike (NKE) - Get 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 Report and Adidas. Cramer recommends that investors buy stock of Foot Locker, (FL) - Get 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.