Cramer's 'Mad Money' Recap: The Big Bang
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"The bear market has ended with a bang," Jim Cramer told viewers of his "Mad Money" TV show Monday.
The demise of Bear Stearns (BSC), he said, signaled to investors that it's finally safe to get back into stocks.
Cramer: Want to Beat Me Up About Bear? Bring It On!
Just One Hurdle to Go"Justice has been served," said Cramer, referring to the Justice Department's decision to approve the merger between Sirius Satellite (SIRI) and XM Satellite Radio (XMSR). The merger still requires approval by the Federal Communications Commission (FCC), an agency which Cramer lambasted as the "Federal Cartel Creators". According to Cramer, the FCC's one-year, 35-day approval process is a travesty of justice and only denies consumers more choice and lower prices. He once again urged viewers to visit the FCC's Website at www.fcc.gov to voice their support for the merger. Cramer puts a $5 price target on Sirius if the merger gets approved.
Big Growth PlansNow that the market's bottomed, Cramer recommended Costco Wholesale (COST) as his favorite retail stock. "The analysts on Wall Street," he said, "are just too negative on Costco." "This company is best of breed," said Cramer, who welcomed Jim Sinegal, President and CEO, of Costco to the show for an update on the company's outlook. Sinegal responded to criticisms that the company's labor costs are too high by saying his company pays its employees a fair wage to produce good results. He also sees a lot of room for growth at Costco, both domestically and abroad. He said Costco could double its footprint over the next 10 years.
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