Considering the way the market reacted to Nike's (NYSE: NKE) recent fiscal-second-quarter earnings report, it would seem the athletic footwear and apparel marker is a no-brainer buy. It beat analyst expectations on the top and bottom lines, boosted its full-year outlook, and made headway on its bloated inventory. 

Yet it's a more complicated picture than that, and as much as there is good news in Nike's report, investors would do well not to rush into the stock. It's never good to buy or sell a stock because the crowd is doing so, and smart investors know to look more closely at what's occurring.

That's not to say Nike isn't a stock to buy, it just means a more careful examination is needed. So let's dive in to see what's happening.

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Source Fool.com