Top Takes From RealMoney

The RealMoney contributors are in the business of trading and investing all day on the basis of ongoing news flow. Below, we offer the top five ideas that RealMoney contributors posted today and how they played those ideas.

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Nokia

By Jim Cramer
6:37 a.m. EDT

Nokia(NOK Quote) just doesn't have the right phones. I think they will, but they don't have them now, and people want Apple's(AAPL Quote) iPhone. They do not want non-smartphones, and Nokia's won't be here until the second half. Nokia is like Dell(DELL Quote) for this industry: It is a false tell of non-strength...

No positions

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CIT Failure a Warning to Bank Bond Holders

By Tom Graff
7:42a.m. EDT

It seems as though the government has found where the Too Big to Fail Line is, and its CIT(CIT Quote). I think this leaves regional bank bond holders very vulnerable. Clearly, if CIT will be allowed to fail, then banks like Fifth Third(FITB Quote) or Regions Financial(RF Quote) or Comerica(CMA Quote) can't assume full government support. Fifth Third's 8.25% subordinate bonds due in 2038 have risen from $61 to $77 since March 31. I'd expect those sorts of bonds to give a lot back in a post-CIT world.

No positions

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JPM: Bad Loans Stabilizing

By Jim Cramer
8:23 a.m. EDT

JPMorgan Chase(JPM Quote) saying it is seeing improvements in the defaults on mortgages -- better than last time. I know that's not in keeping with what the press says. I simply have to go with JPM, not the press. ... The WAMU losses are consistent with initial assuptions ... no hair on this that i can see. ... Credit losses good -- except credit cards...

Positions: Long JPM