Cramer's Take on Headline Stocks
(Updated with stock prices after close.
Making Monday's headlines was CIT Group (CIT) is still in talks with regulators regarding its liquidity position. The company has applied for the Federal Deposit Insurance Corp.'s Temporary Liquidity Guarantee Program and is also exploring other options.
CIT closed down 18 cents, or 11.8%, at $1.35 on Monday.
In earnings news, Fastenal (FAST) reported second-quarter profit of $43.5 million, or 29 cents a share, down 43% from the year-ago quarter and missing analyst expectations for 33 cents a share. Sales also fell, by 21% to $474.9 million.
Fastenal lost 20 cents to close at $31.53 on Monday. Philips Electronics (PHG) also reported a drop in second-quarter earnings , which fell 94% to $61.4 million. Philips closed up $1.30, or 7.1%, at $19.51 on Monday. In analyst ratings news, Oppenheimer upgraded Best Buy (BBY) to outperform and raised the price target to $42; Meredith Whitney upgraded Goldman Sachs (GS) to buy with a $186 price target; and Thomas Weisel upgraded SanDisk (SNDK) to overweight and increased its price target on the stock to $20 from $15. Best Buy added $1.35, or 4.1%, to close at $34.12 on Monday; Goldman gained $7.57, or 5.3%, to $149.44; and SanDisk closed up 78 cents, or 5.4%, at $15.25. With this in mind, we thought we'd see what Jim Cramer's had to say about some of the stocks in the news today, including Dell (DELL). Regardless of why these companies are making the headlines, it never hurts to hear what Cramer (or any professional investors) has to say about them. The key is to gather as much information as you can in order to make the most informed investment decisions you can. To read more, visit Stockpickr.com.Select the service that is right for you!
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