Jim Cramer Says Investors Should Buy Foot Locker Following Nike Downgraded



Bank of America Merrill Lynch downgraded shares of Nike 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 and Adidas. Cramer recommends that investors buy stock of Foot Locker, 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. Subscribe to TheStreetTV on YouTube: http://t.st/TheStreetTV For more content from TheStreet visit: http://thestreet.com Check out all our videos: http://youtube.com/user/TheStreetTV Follow TheStreet on Twitter: http://twitter.com/thestreet Like TheStreet on Facebook: http://facebook.com/TheStreet Follow TheStreet on LinkedIn: http://linkedin.com/company/theStreet Follow TheStreet on Google+: http://plus.google.com/+TheStreet

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