By Stockpickr Staff
Updated at 4:02 p.m. EDT on June 4, 2009
Same-store sales numbers for May are in, with many retailers missing expectations and posting larger-than-expected losses. Target's (TGT) numbers fell 6.1%, compared with an expected 4.3% decline. Costco (COST) reported same-store sales down 7%, compared with an expected 6.4% loss.
Wal-Mart (WMT), which had lately posted positive results, is no longer reporting same-store sales, but there were a few other positive reports, including TJX (TJX), up 5%, and Aeropostale (ARO), up 19%.
In other Thursday news, Intel (INTC) announced a deal to buy Wind River Systems (WIND) for $11.50 a share, or $884 million, in an attempt to enter the wireless devices market.
With this in mind, we thought we'd take a look at some of the stocks making the news and see what Jim Cramer's had to say about them lately.
In a recent post to his RealMoney blog, Cramer wrote:
"I like this healthy pullback in the Nasdaq, something I hope our colleague Dan Fitzpatrick weighs in on with his excellent look at the PowerShares QQQ (QQQQ) technicals, which he liked so much and I used as the basis of my "Off the Charts" segment on "Mad Money" -- by far the most popular segment I do.
"You want this pullback because this rally is entirely based on the 'always right/never wrong' 10% pullback crowd. Are you familiar with these people? They want to buy on any 10% pullback beginning from the $28 QQQQ level -- it is now $36. I swear, with any 10% pullback they will be all over this opportunity, but until then, count them out.
"Today we will see them en masse saying this is the beginning of the 10% pullback and 'I told you so.' The brilliance of the 10% pullback crowd is that it is impossible to be wrong because you simply move up the level where you are calling for it. They called for it at $28, $30, $32, $34 and all sorts of areas where we had shallow pullbacks.
"They nailed every one that they didn't get to buy, but they stuck by their discipline, which is a heck of a lot better than 'being a trader,' as I am or Doug Kass is.
"The only thing that is worrisome to the 10% pullback crowd who do their newspeak with the news-givers is Apple (AAPL). The darned thing has spoiled more 10% pullbacks before they can get to 10% than any other stock.
"But here we go again.
"You want an indicator that works? How about this -- as soon as you hear or read three straight commentators claiming this is the beginning of the 10% pullback, don't buy unless it is Apple, because it is all about deadlines next week and you can't take any of that stock off until then.
"Random musings: Maybe Valero (VLO) is just a really bad company. First, what's with the second-quarter loss? This should have been a golden moment for a refiner as they have been raising prices like mad and outages have allowed for some excellent gouging. Valero also bought back a gigantic amount of stock much higher -- perhaps the most aggressive buying of stock on the New York Stock Exchange -- and now it offers 40 million shares? That's a nightmare. Valero CEO William Klesse is going for a potential "Wall of Shame" entry.... Anybody know why Bill Ackman didn't go after Saks (SKS)? Wouldn't that have been a better target? How about Liz Claiborne (LIZ)? Any back-of-the-envelope calculation would have told you that Target is one of the few retailers that generated any wealth at all over the last 10 years. It also had one of the most sophisticated and best boards imaginable in part because of the excellent and legendary charity programs that it runs.... Nucor (NUE) declares its 145th dividend -- awesome company, just awesome."
For more of what Cramer's had to say about stocks in the news, including KBR (KBR), Monsanto (MON) and Visa (V), check out the Cramer's Take portfolio.
(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer had no positions in stocks mentioned for his Action Alerts PLUS charitable trust.)
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