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Fast Money Traders Share Their Thoughts On Nike

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On CNBC's Fast Money, Guy Adami said that he noticed a reversal sign in Nike Inc (NYSE: NKE) as the stock sold off after reaching its all-time high. He still thinks that the stock is a buy, because the growth that the company has and the numbers it reported on Tuesday justify its valuation.

Ari Wald explained that its long-term trend seems strong, but he is concerned about the classic sell signal that appeared on Wednesday. He is a seller of Nike and he believes that it should trade lower to $117.

Tim Seymour would not sell the stock. He thinks that recent analyst upgrades and a large volume on Wednesday are positive signs for Nike. He is also enthusiastic about its growth potential.

Steve Grasso would wait for Nike to move above $130, which is its 50-day moving average and he would use that price level as a stop loss. He added that technicals look terrible for Under Armour Inc (NYSE: UA).

 

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Posted-In: Ari Wald CNBC Guy Adami Steve Grasso Tim Seymour Fast MoneyMedia Trading Ideas