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Did you miss last night's "Mad Money" on CNBC? If so, here are Jim Cramer's top takeaways for today's trading.
Costco (COST) - Get Report : In the "Off The Charts" segment, Cramer checked in with colleague Larry Williams over the chart of Costco, an Action Alerts PLUS holding, to see if the retailer could be poised for a breakout to the upside.
Williams first looked at the inter-market relationship between Costco's stock and the U.S. Dollar Index, noting the tight relationship between the price of the dollar and Costco's shares. With the dollar on the verge of a rally, Williams felt Costco would likely rally too.
Williams next looked at a daily chart of Costco alone, noting that the stock has been trading sideways for five weeks, despite a strong quarter posted in September. This pattern may be coming to an end however, as Williams used a proprietary "professional accumulation" metric to determine that large investors are now slowly accumulating shares, after unloading them in August.
Finally, Williams called attention to his namesake, the Williams Oscillator, a momentum gauge that remains in oversold territory and also signals a rebound may be at hand.
Taking all of these cues, Cramer turned as he often does to the fundamentals of Costco, noting the company's strong 3% same store sales growth last quarter and its successful switch to Visa (V) - Get Report as its credit card of choice. He said when the technicals and the fundamental align, that's something special.
Key Corp (KEY) - Get Report : In an exclusive interview, Cramer spoke with Beth Mooney, chairman and CEO of Key Corp, the bank that just posted a 4-cents-a-share earnings beat and announced that its merger with First Niagara is exceeding expectations, news that sent shares up a quick 5.8% on the day.
Mooney said that Key's performance this quarter was driven first by the solid performance of their stand-alone business, with commercial lending up by 11% with expenses well controlled. Additionally, the quarter was the first to include the merger of First Niagara, which provided Key with $35 billion in additional assets and strong loan and deposit growth.
Key continues to invest in its products and capabilities, Mooney explained, and she believes Key is taking share from competitors as a result. She noted that slow but steady economic growth in the regions they serve is translating into customers being cautiously optimistic about the future. "It's a good time to be in the Midwest," Mooney concluded.
Finally, when asked whether Key can benefit from the troubles of rival Wells Fargo (WFC) - Get Report , Mooney said that all banks need to stay true to their clients' needs and measure success by the outcomes they provide, not by internal metrics.
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At the time of publication, Cramer's Action Alerts PLUS had a position in COST, V and WFC.