Cramer's Broker Plays2

Posted by: sarah z

Updated:
08.28.07
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From 8-28-07:

"Finally, the number cuts! Finally, the downgrades! People seem possessed when it comes to trying to call a bottom in the securities stocks. They know that these companies have tremendous earnings power and they seem dirt-cheap because of their high single-digit multiples. They know that despite the fact that August was one of the worst months in the history of this business, these companies have a way of turning themselves around quickly -- through rapid firings and downsizings where it is most needed -- and giving us quick earnings recoveries.

What drives these stocks are expectations, and the expectations for this group were all set when things were hitting on all cylinders: private equity, mortgage backs, fixed income, IPOs, corporate finance, mergers and acquisitions -- you name it, it was working. But for the past two months nothing's been working, yet the estimates stayed high and the stocks stayed on the recommended lists. Monday we got some much-needed number cuts from Goldman Sachs' research. At last, the bottoming can start.

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