I have such a hard time believing that it's over, because the secular trend toward world travel is so powerful that there will be demand for every single big plane for years and years.
Doesn't matter. These stocks simply can't get out of their own way.
Now I am not including Eaton (ETN) and General Electric (GE) in the calculus here. Eaton's numbers are so confusing and the company's inability to either rein in the street on estimates or on big restructurings has made that stock a total non-stop pariah. What a remarkable fold that stock's been.
GE sat out the upside to begin with. It's not kept pace with any of these winners, so it might not have that big "what a winner it was last year and now we are tired of it" rap. That was pretty much the gist of the Bernstein upgrade yesterday.Now, I remain a believer that these stocks can ignite if we get some international traction, namely a resolution in Russia-Ukraine that gives Europe some oxygen, or a turn in China that could lead to industrial orders, or perhaps a Congress that goes back to spending on defense the way it used to. Otherwise, we are witnessing multiple compression right before our eyes, and it's not even worth distinguishing among them right now (not unlike what I see happening in oil service, by the way.) I know things can't stay lockstep forever. These are all very good companies and they have to be unhappy with 2014 stock performance. They have levers to pull and cash to put to work. Read More: Kass: 2014 vs. 1989 It's just that right now they are all one big ne'er do well virtual exchange-traded fund, and that ETF can't seem to find its footing, no matter what is said or done. Action Alerts PLUS, which Cramer co-manages as a charitable trust, has positions in BA, ETN, GE and UTX. Editor's Note: This article was originally published at 6:38 a.m. EDT on Real Money on Aug. 7.
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