Nike earnings: Trader sees stock headed higher after quarterly disappointment

"We think Nike is a good indication of future sales in China and how the Chinese consumer is doing in general," Gordon said earlier Thursday. In its February-ended quarter, "Nike stated they reopened 80% of the stores following Covid, and with all the shutdowns in domestic and retail sales locations, they've done a good job transferring to the e-commerce sales."

Gordon expects Nike to strengthen its e-commerce platform. Nike Direct, its online sales segment, generated nearly 32% of total revenue in 2019 and is expected to grow to 35% in 2020. The company reported a 75% increase in digital sales in its May-ended quarter."If you look at the long-term beautiful uptrend here, you can see that we had obviously a little bit of volatility along with our broader market during COVID.

To take advantage of a move higher, Gordon is buying the 105 call and selling the 110 call with Aug. 21 expiration. This is a bet Nike can rally as high as $110 by expiration. It closed at $101.40 on Thursday.

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