Peter Dolan, the embattled chief of
, is the new Dick Grasso, Jim Cramer said Wednesday on
"Stop Trading!" segment.
Cramer said Bristol-Myers shares were bouncing back from Plavix-patent worries until a company spokesman said the board stands behind Dolan. The comment is "crushing the stock," Cramer said. Cramer predicted that Zito's support of Dolan will prove just as fleeting as his comments years ago backing former New York Stock Exchange boss Grasso.
Meanwhile the flap between
Chairman Sumner Redstone and movie star Tom Cruise "really doesn't help" Viacom's sinking stock, Cramer said. In contrast to onetime sibling
, expectations at Viacom have been too high and any publicity aside from how management is going to improve its numbers only adds to the mess. Viacom stock is "a real yawner, frankly," Cramer said.
can't get out of its own way, with recent operational stumbles and executive shuffles hitting the stock. But Cramer urged investors to take a second look, saying the company is so poorly run that it is "starting to remind me of AT&T Wireless." He emphasized that Sprint's high-quality assets are good, and that foreign buyers could be interested. The company "is worth something to someone," Cramer concluded.
Cramer said drug chain
is "a cannonball to five smackers" from the recent $4.70, up off $4.07 in the wake of a bad earnings report last time around. He cited the recession fears that have pushed money out of cyclical stocks like
and into drug stores like Rite Aid and
And someone, Cramer said, needs to "crack the whip" at asset manager
, which Cramer said has failed to consolidate its big
acquisition. He said he wouldn't worry about fund manager Bill Miller, contending that when people start to worry about a top manager, that's when "they tend to snap back."
At the time of publication, Cramer was long Bristol-Myers.
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