Nike shares soared after a strong earnings report Thursday, and some CNBC "Fast Money" traders believe it has more room to run.

"I think it can continue to go higher from here," said trader Guy Adami.

The stock rose 8 percent in extended trading after Nike posted earnings of $1.34 per share on $8.41 billion in revenue, beating analysts' expectations on both numbers. The sports apparel maker also topped Wall Street's expectations for futures orders, a key driver.

Trader Tim Seymour, who owns the stock, said he was impressed by Nike's growth in China. Slowing growth in the country's overall economy has led to concern about some U.S. companies that have significant exposure there.

"I stay long until they do something to make me jump off," Seymour said.

Read MoreNike earnings: $1.34 per share, vs expected EPS of $1.19

Trader Karen Finerman instead looked to companies that benefit from Nike's growth. She pointed to shares of retailers Foot Locker and Finish Line, both of which rose in extended trading.

Nike competitor Under Armour may prove a better buy in the long run, said trader Dan Nathan. He pointed to the fact that it hasn't yet gained a significant international market share.

He would buy it on a dip to about $90 per share. It closed at about $102 Thursday.

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, BAC, CLF, DIS, F, GE, GM, GOOGL, INTC, JPM, LGF, T, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.

Dan Nathan

Dan is long PYPL Oct call calendar, BA Oct put spread, INTC Oct put spread, QQQ Oct put spread, UAL Oct/Nov put spread, XLU call spread, TWTR, PG

Karen Finerman

Karen is long BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, KORs calls, M, M calls, SUNE, URI, URI long puts, XBI, KORS call spreads, M call spreads, her firm is short IWM, SPY, MDY, USO, Karen Finerman is on the board of GrafTech International.

Guy Adami

Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.