Cramer's 'Mad Money' Recap: A Market Too Good to Ignore
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NEW YORK (TheStreet) -- It's hard to hate a market that's making so many new highs, Jim Cramer told his "Mad Money" TV show viewers Monday as he recapped the day's action on Wall Street. Cramer said with so many diverse stocks on the 52-week and all-time high lists, there's just too many good things to ignore.
Among those on the all-time high list catching Cramer's attention were TJX Stores (TJX), which is having a heyday buying unsold inventory from other failing retailers, and Cigna (CI), which is benefiting from ever-rising HMO costs. Cramer also noted that Cabot Oil & Gas (COG) continues to grow its production and remains a takeover candidate.
Still others making the list include Amgen (AMGN), which jump-started its growth by buying Onyx Pharmaceuticals (ONXX); Lockheed Martin (LMT), a defense stock that seems totally unfazed by the sequester; and Viacom (VIA), which continues to be bought up by mutual fund managers.Then there are those stocks on the 52-week high list, said Cramer, including FedEx (FDX), Dollar General (DG) and Netflix (NFLX), along with Dow Chemical (DOW) and Wynn Resorts (WYNN). Cramer said all of these stocks are rallying for different reasons, an eclectic mix that makes for one powerful rally.
Tesla in the Driver's SeatWhy is the stock of Tesla Motors (TSLA) has been taking off like a rocket? Was it the positive reviews and awards the company's won? Was it the fact that Tesla owners just can't stop raving about their cars? Of course not. Cramer said there's only one reason why Tesla shares have been soaring since May and that's because the company blew away the numbers. Cramer said there were three things "known" to be true going into Tesla's last earnings call. First, the company was losing a fortune due to supply problems. Second, there was no real demand for its cars outside of a few enthusiasts. Third, Tesla would need a boatload of new financing to stay afloat. In reality, Tesla announced it didn't lose money, it made $15 million in profit. It also increased its production to 21,000 vehicles for 2013. Then there were the higher margins and labor improvements that Wall Street never saw coming, along with Tesla announcing that it's stepping up its showroom growth by 50% to meet growing demand.
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