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Just buy it? Experts trade Nike

Nike -- the much loved, but also much debated sportswear giant -- reported earnings yesterday after the bell.

The company's EPS beat Street estimates, but Nike shares tumbled more than 6% in after-hours-trading after revenue came in short of expectations.

Sluggish sales in North America weighed on the company's top line, and future orders were also shy of forecasts.

And yet the stock traded higher in today's session. Up nearly 3%, Nike was the Dow's best-performer for the day.

So, is the stock a runaway pick at these levels? Or are the conflicting signals sign that now might not be the best time to jump in? The "Halftime Report" experts debated.

Jon Najarian bought Nike yesterday following the sell-off, before trading out of the stock early on Wednesday. He still owns call options because he thinks the reaction to the earnings report was too severe.

"I like the report. I don't think Nike is going to screw up, and I think this is a stock that you buy and hold on a dip like that."

Jim Lebenthal also likes the stock, although he's not jumping in just yet.

On the positive side Lebenthal highlights strong future orders from China, which points to the company's strong international brand. But on the negative side, he thinks Nike could be hurt if there's ongoing uncertainty out of Europe.

Lebenthal will be watching the stock's levels carefully.

"I would love to own the stock, but I'm going to wait for it at $50," he said.

Steve Weiss agrees with Lebenthal that the stock is expensive at these levels.

"I think Nike's ok. It's not a cheap stock, it's never a cheap stock. It's a good brand," Weiss argued. He, too, is worried about international exposure.

He noted that because Nike's quarter ended a month ago, we have not yet seen the full effects of the Brexit vote and subsequent market volatility.

Trader disclosure: On June 29, 2016 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Jim Lebenthal: Long AAPL, BA, C, CSCO, DCO, DIS, EEQ, GAIA, GM, INTC, JCP, KMI, KMY, MPC, ORBC, PFE, QCOM, QRVO, SPLS, TIF, TRN, TWX, WGO

Steve Weiss: Long AAL, ADC, HZNP, MET, SRPT

Pete Najarian: Long stock: AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP. Long calls: AAL, AKS, AMJ, CHK,CSX, DAL, EGO, EWZ, GDX, GLW, GSAT, HBAN, HSY, KGC, LLY, M, MDLZ, MPC, MT, MU, NKE, NLNK, P, SBUX, SLV, SVU, TJX, TMUS, WLL. Long puts: BID, GM, NAV

Jon Najarian: Long CCE, MGM, SFUN. Long calls BABA, EWZ, FB, GDX, GDXJ, GLD, MBLY, MO, MSFT, NKE, RBS, SFUN. Short puts: BCS, C, FSLR