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Cramer's Take on Headline Stocks: July 9 - 5773 views
By Rebecca Corvino
Posted at 11:45 a.m. EDT on July 9, 2009
Making Thursday's headlines was Citigroup (C), which announced the promotion of current CFO Ned Kelly to vice chairman and the resignation of former CFO Gary Crittenden, most recently chairman of Citi Holdings. Recently, Citi shares were recently up 2 cents at $2.64.
AIG (AIG) and MetLife (MET) have resumed talks about Alico, AIG's foreign life-insurance unit. Reportedly, MetLife could acquire all or part of Alico if a deal is made. AIG was losing 20.5% to $10.41, while MetLife was up 1.8% to $27.37.
Amazon's (AMZN) has reduced the price of its Kindle 2 to $299 from $359, compared with the $349.99 price tag on Sony's (SNE) PRS-700 reading device. Amazon recently was adding 0.5% to $77.77, and Sony was down 3 cents to $24.37.
Merrill Lynch/Bank of America upgraded Goldman Sachs (GS) to buy with a $175 price target. Goldman was adding $4.88, or 3.5%, to $143.43.
With this in mind, we thought we'd take a look at some of the stocks in the news and see what Jim Cramer's had to say about them lately.
In a recent post to his http://jimcramer.rmblogs.thestreet.com/entry.aspx?q=a22b358a-5fa9-4e00-a... " target="_blank">RealMoney blog, Cramer wrote:
" Tech wants to rally. Perhaps because, alas, the fundamentals are undeniably good? You have to go through the charts to see this bull market in tech: Analog Devices (ADI), RF Micro (RFMD), Skyworks Solutions (SWKS - commentary - Trade Now), Cree (CREEB>Starent (STAR) and Brocade (BRCM).
"All sorts of little guys to go with Apple (AAPL) and Amazon (AMZN) and Google (GOOG), which have been down for what seems like ages. Even Hewlett-Packard (HPQ) is ramping, and that's been a total loser.
"But you know what? It isn't enough. We cannot rally convincingly in just tech. Time and again, we have been beaten back when we have only one sector as a leader, whether it be oil or agriculture or fertilizers. We need breadth, which is what was so great about the oil/bank/tech combo.
"A tech-only combo will continue to lead us nowhere.
"Now it is true that today I saw a nascent "lower gasoline" rally in the apparels (Nike (NKE), VF Corp (WFC)) and Tiffany (TIF). But I do not find the Family Dollar (FDO) gains encouraging, as FDO is the wrong tell (even as much of it came because of better gross margins).
"Retail can be a good spur as people recognize that gasoline's about to go back to $2, a gigantic stimulus. So can restaurants, the winter's leader on lower oil prices and I see Panera (PNRA) at last stabilizing and Yum! Brands (YUM) on the move. Ruby Tuesday (RT) wasn't half bad either. Don't forget Charming Shoppes (CHRS), even though that was probably the "Cramer effect" at work.
"But without a concrete rally in banks or health care -- my pick to replace oil -- we don't have the horses to mount another attack on Dow 8600, which now looks like a distant memory and the total top of the range.
"I love a late-day rally. It makes those who bought feel great. But we need leadership to have a serious advance."
(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Hewlett-Packard, VF Corp and Goldman Sachs for his Action Alerts PLUS charitable trust.)