, Jim Cramer said Tuesday on CNBC's Stop Trading! segment.
Cramer said he was wrong with a call last quarter to buy the accessories retailer in the low $40s. That fact came to light Tuesday morning, when Coach issued cautious year-end guidance, sending its shares plunging 13% in furious trading, to $36 and change.
Cramer doesn't like the mortgage insurers either. He'd be selling
( PMI) and
off yesterday's Lehman Bros. downgrade of the sector.
"They sliced through book value," Cramer said of the mortgage insurance stocks, which were each off 11% in heavy trading Tuesday after similar declines Friday.
At the time of publication, Cramer had no position in stocks mentioned.
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