Black & Decker (BDK - commentary - Trade Now) and Encore (EAC - commentary - Trade Now) came to this exact same conclusion at the same time. They just can't make more money for their shareholders independently than they can with other partners. With Encore settling for Denbury's (DNR - commentary - Trade Now) bid and Black & Decker agreeing to be acquired by Stanley Works (SWK - commentary - Trade Now), both are settling for about half of what their companies were worth two years ago. But the world has changed in two years, and a lot of the rosy scenarios that justified being independent have to be reconsidered.

Black & Decker did everything it could to streamline and restructure and make money for people. But there was no way, at least in their minds, that they could get this stock back to where it was before housing went kerflooey. I was surprised they sold for so little given how the stock was above the $70s for ages. But it was in the $20s recently and management didn't want to wait for the housing cycle to roar again.

Encore's a little more difficult to understand. Why did they capitulate? They had great properties in great areas like the Anadarko basin in Oklahoma, and the Williston in Montana and South Dakota. They clearly could have stayed independent. Again, though, they wanted to do what is right and make some quick money for shareholders by joining forces with an outfit, Denbury, with far too much Gulf of Mexico.

The common theme here is one of the recognition that even if the economies worldwide turn around, it just ain't worth it to go alone. You need partners, and when they come calling you take their money or their stock and you move on!

Random musings: I like a setup when the futures take us down for the sins of Europe. Around 10 a.m., we begin to ask ourselves why we are down at all!

At the time of publication, Cramer had no positions in the stocks mentioned.

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