Real Money Stock of the Day Nike (NKE) - Get Report declined in trading Friday after the athletic apparel giant posted weaker-than-expected fiscal third-quarter sales in North America and noted that a stronger dollar would clip profits over the near term.
Adjusted earnings in the quarter of 68 cents a share topped analysts' forecasts by 3 cents, while a currency-neutral gain of 11% in revenue to $9.6 billion met forecasts. However, $3.81 billion in sales in Nike's key North American market, thanks in part to issues with product launch timing, missed expectations.
Jim Cramer said, "I think that [investors] have to read the whole call and recognize that Nike is firing on all cylinders."
Related. Why the Nike Selloff?
Will I Have Enough Money to Retire? Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.