- why big banks remain a risk worth taking;
- one sign that the current market's stronger than we think; and
- why Joy Global is a buy.
A Leap Worth Taking Posted at 11:48 a.m. EST on Friday, March 2. Leaps of faith are often what drive stocks. This morning I was talking with David Faber, who revealed to me that the M&A activity has now been reduced to levels we haven't seen since November of 2003. Dark times. > > Bull or Bear? Vote in Our Poll Treasury Secretary Tim Geithner wrote a terrific op-ed piece today talking about -- reminding us -- how the banks caused the Great Recession. He's pounding the table not to let up on regulation. He's getting lots of press and airtime for his musings. We had a big deal today in Yelp ( YELP), which got a lot of people excited. But what's most exciting about it is there's been so little excitement on the stock exchange floor that it stands out. Daunting. We have levels of volume that I expect only to see on semi-holidays or the hottest days of summer. Nothing good. Yet Goldman Sachs ( GS) and Morgan Stanley ( MS) and JPMorgan ( JPM) remain the places to be. What's going on? I think that people know these companies are inventive and creative in their own ways. That they will find some way to make money and they are not static operations. They are all collectively leaps of faith at this moment. But I think the leap remains worth taking. Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long JPM.
The Market's Change of Heart Posted at 1:58 p.m. EST on Thursday, March 1. I love it when stocks won't quit that should. It is a sign of a market that's much stronger than we think. Take Wynn Resorts ( WYNN), which is a company I profiled on Tuesday on "Mad Money," using the terrific work of our own Scott Redler. We got what some would regard as subpar numbers out of Macau last night that normally would have caused Wynn to get hammered.
The Foreign Coal Conundrum Posted at 6:45 a.m. EST on Friday, March 2. There's something infuriating about the double standard when it comes to pollution in this world, and it's on display gigantically with the prospects of Joy Global ( JOYG). If you don't know the company, it is largely an exporter of big mining equipment with a decent business in the U.S. I put it that way because Joy's the dominant coal-mining equipment play and coal is in long-term secular decline here in the U.S. But it is in long-term secular boom in India and China, and as CEO Mike Sutherlin told me last night, those two countries alone this year will build as much as a third of our existing coal plant capacity.