Cramer's Take on Headline Stocks 4-8-09


Earnings season is upon us, with Alcoa (AA), Bed Bath & Beyond (BBBY) and others kicking it off after the bell on Tuesday.

On Tuesday, stocks geared up for the season by continuing down Monday's path, led by International Speedway (ISCA), down 23.8% on reduced profit and revenue forecasts, and YRC Worldwide (YRCW), down 25.3% after filing with the SEC that it now estimates fewer-than-expected facilities at the end of 2008.

Most financial companies were down, including AIG (AIG), which The Wall Street Journal reported is attracting various potential bidders. The stock closed down 5 cents, or 4.6%, at $1.05. Bank of America (BAC) lost 1.6% to close at $7.36, and Wells Fargo (WFC) lost 2.6% to $14.85, but Citigroup (C) bucked the trend and closed up 1.5% at $2.76.

The Nevada Gaming Controls board reported an 18.1% loss in casino revenue, sending stocks much lower, including MGM Mirage (MGM), which also received a downgrade to sell from Ratings.

With this in mind, we thought we'd take a closer look at some of the day's headlines and see what Jim Cramer's had to say about stocks related to the news.

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