- proof of the real hazard to the Fed's cut;
- a big surprise in a cyclical group; and
- a unique set of winning tech stocks.
Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:
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this earnings report . Do you know that of the infra names I follow -- McDermott ( MDR), Foster Wheeler ( FWLT), Jacobs ( JEC), Fluor ( FLR), Chicago Bridge ( CBI), KBR ( KBR) and ABB ( ABB) -- this is the worst one! This is a company that used to miss its quarter endlessly. It has been a serial underperformer for years. But what has happened here, quite specifically, is that the business of infrastructure is so strong that even Shaw can't mess it up. The earnings, obviously, are almost double what we thought. More important, the backlog -- what these stocks really trade on -- went from $8 billion to $13.3 billion! In the old days, these companies would have wild boom/bust cycles. No more. Now they just have secular growth from the breakdown in U.S. infra and the need for power and growth from around the world. My prediction: They will all trade up on this number, and they should trade up on this number. It is that big a blowout. And no complaints about the price of oil! At the time of publication, Cramer had no positions in any of the stocks mentioned in this post.