After Hours Action: Nike

Shares of Nike slipped in extended trade Tuesday after the company reported earnings and revenue that beat Wall Street estimates Tuesday, but lower-than-expected future orders.

First the good news: The sportswear and equipment supplier said it earned 94 cents a share in its fiscal second quarter, compared with 76 cents a share last year.

Sales for the most recent period rose to $4.84 billion, up from $4.41 billion a year earlier.

Analysts who follow Nike expected a profit of 88 cents on sales of $4.81 billion.

Now the bad news: Future orders excluding currency exchange rates—a key measure of sales growth—rose 11 percent, lower than what some analysts had expected.

What should you make of these results?

Nike was priced for perfection, and for it to miss on any metric was a reason to sell it first and ask questions later, explains Karen Finerman.

Also the recent run in commodity prices could squeeze their margins going forward, says Tim Seymour. With the stock at a 52-week high, that could have spooked the Street too.

Read More:

Click here to go to Nike Results Beat Street, but Future Orders Disappoint

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Trader disclosure: On December 21st, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL), (BAC), (F), (FXI); Adami owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Adami's wife works at (MRK); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman's firm is long S&P puts; Finerman's firm is long Russell 2000 puts; Finerman owns (AAPL); Finerman owns (BAC); Finerman owns (CVS); Finerman's firm owns (CVS); Finerman owns (GOOG); Finerman's firm owns (JPM) and (JPM) leaps; Finerman owns (JPM); Finerman owns (MSFT); Finerman's firm owns (MSFT); Finerman's firm owns (WBC); Pete Najarian owns (KRE) calls; Pete Najarian owns (YHOO); Pete Najarian owns (MSFT) call spreads; Pete Najarian owns (AKAM) call spreads; Pete Najarian owns (V) call spreads; Pete Najarian owns (WLT) call spreads; Pete Najarian owns (C); Pete Najarian owns (MS); Pete Najarian owns (NKE) call spreads; Pete Najarian owns (GE); Pete Najarian owns (F); Pete Najarian owns (BBY) calls; Pete Najarian owns (SMH) call spreads; Pete Najarian owns (M) call spreads; Pete Najarian owns (HK) calls; Pete Najarian owns (MRO); Pete Najarian owns (CNI)

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