Jim Cramer calls a Wall Street analyst downgrade of Nike stock 'fatuous' [MSNBC.com]
Nike, Inc. (NKE)
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Source: MSNBC.com
Nike caught a downgrade from a Wall Street firm — a move Jim Cramer dismissed as pointless. Needham said Thursday it was "stepping to the sidelines" until it had greater clarity of Nike's turnaround under new CEO Elliott Hill, downgrading the stock to a hold from buy. The analysts said Hill is doing the right things for the brand long-term, but that the turnaround is "taking longer than expected." They raised concerns about inventory levels being shipped to North American wholesalers. The analysts also noted the company's weakness in China, which they described as "highly problematic." Jim agreed that inventory is a problem, saying the company is still determining a pricing structure to clear excess sneakers and apparel. Clearing excess inventory is "very hard" to accomplish, he acknowledged during Thursday's Morning Meeting for Club members. Jim cited the past difficulties faced by former Foot Locker CEO Mary Dillon, who struggled with a similar challenge. Eventually, the chain was a
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