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Cramer's 'Mad Money' Recap: Rite Aid Goes Wrong
12/20/07 - 07:57 PM EST
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"I made a mistake when I named Rite Aid RAD one of my speculative stocks of the year," Jim Cramer told viewers of his "Mad Money" TV show Thursday. "But when I saw it wasn't working, I got out." When investors can't believe how bad things are at a company, it's usually inevitable that things will get even worse, he said. Therefore, Rite Aid's bad quarter today was no surprise. Cramer has repeatedly asked the retailer's CEO, Mary Sammons, to come on the show, and she did so on Thursday -- even though the stock was off big. The fact that she's not ducking out now, he said, shows great character. "I believe that what we're doing is going to really reward Rite Aid shareholders," Sammons said. Acquiring Brooks and Eckerd stores is a good thing for the company, and the long-term integration is going to be good, she added. Sammons said Rite Aid is early on in the process of absorbing the acquisitions. Rite Aid had predicted that they would have a loss because of integration costs, she said, but what they didn't expect is how bad the economic conditions have been lately.
"We have the right things going on for the company, and we are going to reward shareholders that are with us on this for the long run," she assured.
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