Jim Cramer Says NIKE CEO “Inherited a Company With Many More Problems Than Anyone Realized”

NIKE, Inc. (NYSE:NKE) is among Jim Cramer’s recent stock calls as he urged investors to stand by the defense sector. Cramer shared his pessimistic view on the company, as he said:

I’d like to think that if Mark (the late Mark Haines, CNBC anchor) were alive, he’d look favorably on what we’re doing with the CNBC Investing Club. This morning in our morning meeting… we talked about how wrong we’ve been on the stock of Nike. There was a cogent downgrade this morning from Piper, which talked about a lack of innovation, and perhaps that was because the new CEO, Elliott Hill, an old hand who left Nike after 30 years, is basically reassembling the band at a time when what matters is newness. Now, Jeff Marks, my director of portfolio analysis, asked me about my stand on Nike, a stock I pressed to own because I thought it was incredibly cheap and Hill could bring back the glory days. I said I was going to give him until October, when it would be two years. He inherited a company with many more problems than anyone realized, and the turn is difficult to pull off. But I haven’t been early on Nike; I’ve been wrong. I don’t deserve a free pass either.

Photo by jason briscoe on Unsplash

NIKE, Inc. (NYSE:NKE) is an athletic and casual footwear, apparel, equipment, and accessories company that sells its products under brands, including Nike, Jordan, and Converse.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years 

Disclosure: None. Follow Insider Monkey on Google News.