DICK'S Sporting Goods, Inc. (DKS) Bought Foot Locker Due To Nike, Says Jim Cramer

We recently published 10 Stocks Jim Cramer Discussed As He Revealed How Canada Has Harmed The US. DICK’S Sporting Goods, Inc. (NYSE:DKS) is one of the stocks Jim Cramer recently discussed.

DICK’S Sporting Goods, Inc. (NYSE:DKS) is a well-known American sporting goods retailer. The shares have lost 5% year-to-date as the retail sector has struggled, but would have been down more had it not been for a 20% gain since the firm announced that it would acquire Foot Locker in late June. Cramer’s previous remarks about DICK’S Sporting Goods, Inc. (NYSE:DKS) have hypothesized that it ‘might’ be worth buying the stock after its gains following the Foot Locker announcement. This time, he maintained that the shoe retailer’s access to Nike was a key driving factor behind the deal:

“. . .I think that the Footlocker buy by Dick’s is an acknowledgement that Footlocker’s getting the right Nikes.”

Here are Cramer’s previous thoughts about DICK’S Sporting Goods, Inc. (NYSE:DKS):

“The retail rally’s a little more difficult. You might want to shoot the moon and buy DICK’s Sporting Goods, betting that Nike could, that Nike turn could benefit them now that they’re acquiring Foot Locker, but the stock just ran up 30 points on that news.”

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Disclosure: None. This article is originally published at Insider Monkey.