Jim Cramer: You Don’t Need to Own Under Armour or Nike Right Now

There is no need to own Under Armour (UA) - Get Report or Nike (NKE) - Get Report shares right now because both athletic apparel makers are dealing with the fall-out from the bankruptcy of Sports Authority, says TheStreet's Jim Cramer.  Under Armour slashed its full-year sales-and-profit outlook on Tuesday evening, a mere week after key partner Sports Authority decided to shutter all of its stores across the United States. Under Armour now expects full-year sales to increase about 24 percent from the prior year to $4.925 billion and operating income to be in a range of $440 million to $445 million. Previously, Under Armour anticipated revenue would increase 26 percent and operating profit of $503 million to $507 million.

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