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 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.