Jim Cramer Says Nike Stock Is Oversold, But He Prefers Foot Locker

Nike's stock is oversold, but Jim Cramer says his favorite play in the footwear group right now is Foot Locker, which has come down a lot.
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Nike's (NKE) - Get Report stock is oversold, but TheStreet's Jim Cramer says his favorite play in the footwear group right now is Foot Locker (FL) - Get Report , which has come down a lot.  Cramer says Nike's in a difficult situation heading into its earnings report, due to potential weakness in some key markets and a resurgence in Adidas. Cramer offered advice on using options if you want to buy Nike.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.