The RealMoney contributors are in the business of trading and investing all day on the basis of ongoing news flow. Below, we offer the top five ideas that RealMoney contributors posted today and how they played those ideas.TheStreet.com brings you the news all day, and with RealMoney's "Columnist Conversation," you can see how the pros are playing it on a real-time basis. Here are the top five ideas played today. To see all that RealMoney offers, click here for a free trial.
NokiaBy Jim Cramer
6:37 a.m. EDT Nokia ( NOK) just doesn't have the right phones. I think they will, but they don't have them now, and people want Apple's ( AAPL) iPhone. They do not want non-smartphones, and Nokia's won't be here until the second half. Nokia is like Dell ( DELL) for this industry: It is a false tell of non-strength... No positions
CIT Failure a Warning to Bank Bond HoldersBy Tom Graff
7:42a.m. EDT It seems as though the government has found where the Too Big to Fail Line is, and its CIT ( CIT). I think this leaves regional bank bond holders very vulnerable. Clearly, if CIT will be allowed to fail, then banks like Fifth Third ( FITB) or Regions Financial ( RF) or Comerica ( CMA) can't assume full government support. Fifth Third's 8.25% subordinate bonds due in 2038 have risen from $61 to $77 since March 31. I'd expect those sorts of bonds to give a lot back in a post-CIT world. No positions
JPM: Bad Loans StabilizingBy Jim Cramer
8:23 a.m. EDT JPMorgan Chase ( JPM) saying it is seeing improvements in the defaults on mortgages -- better than last time. I know that's not in keeping with what the press says. I simply have to go with JPM, not the press. ... The WAMU losses are consistent with initial assuptions ... no hair on this that i can see. ... Credit losses good -- except credit cards... Positions: Long JPM