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NEW YORK ( TheStreet) -- Will the bull market continue into next week? Jim Cramer told his Mad Money TV show viewers Friday that it all depends on the big G20 meeting over the weekend and whether a path to peace in the Ukraine can be forged.
Beyond global politics, Cramer said he'll be watching the earnings of Tyson Foods (TSN) on Monday, as good earnings there will reignite talks of more consolidation in the food sector.
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Next on Tuesday, Home Depot (HD) will have Cramer's ear, as they will provide a read on the health of the American consumer. Also on Tuesday, Jack in the Box (JACK) , which could talk the Mexican restaurant stocks higher, VIPshop (VIPS) , a proxy for how well China is faring, and PetsMart (PETM) , the besieged retailer that is flat on the year.
What the heck should investors do with their shares of satellite phone maker Globalstar (GSAT) ? Cramer recommended this speculative name back in early July at $4 a share, but since then, the stock has become a battleground, forcing Cramer to admit "this was a bad call."
Cramer explained that Globalstar has petitioned the FCC for permission to use its spectrum for terrestrial service instead of for satellite-only communications. The company asserts that the current spectrum for wifi is filling up fast, creating a need for a premium, high-speed wifi network that only Globalstar can provide.
But the hedge fund of Kerrisdale Capital Management cried foul at Globalstar's assertions, and warned investors, and the FCC, that the company's plans simply won't work. That has sent shares of Globalstar down 60%. According to Kerrisdale, there is no wifi congestion problem, nor a market for what Globalstar hopes to offer.
Cramer said after reviewing these recent claims, its become apparent that Globalstar is just too risky to own. The company has $630 million in debt and is already missing targets to service that debt. The longer the FCC delays its decision, the worse shape Globalstar will be in, he added. And even if approval does come, Kerrisdale may be right and the company may not be able to build such a service or find a market if it does.
"There are easier ways to make money," Cramer concluded, which is why its time to admit defeat and ring the register on Globalstar.
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