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:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
