A little circus environment we got going here

Fed restatement: Went from being bear to bull to bear the finally bull again at 4:00 (close)

At hedge fund I would have shorted the financial stocks and then bought them back in the last five minutes when the Fed added back the “longer term inflation expectations remain well contained” line in the restatement.

When it’s this crazy we must fall back on stocks that have accelerating revenue growth, no matter how expensive they are, and we gotta buy the stocks that people can sleep at night with – healthcare, food stocks. You can continue to buy the YHOO, GOOG and UNH’s. You’ve got to be very careful with the banks.

Tomorrow if they take the financials up you are going to have to ring the register. When the Fed raises again the yield curve is going to be flat and financials have a very hard time making money in that situation.

80% of the market you can’t own here: Cyclicals, technologies, retail, restaurant, savings and loans, insurance, brokers and the banks are not going to work.

Big money doesn’t like to own the homebuilders into a slowdown

Beverage stocks are right here

When I say we may lose the banks – means that over the next 6 months I won’t want to own the banks because cash will be too competitive

JOE – St Joe Company – Cramer talks with CEO Peter Rummell. Company is largest private land owner in Florida. Demographics – 20 year play at the minimum and the power of the demographics for the next 20 years is overwhelming in Florida. Own 800,000 acres, used 5% of it in the last 5 years. Cramer puts his money in it because over the course of the next 10 years St Joe works for him – rates high, rates low doesn’t matter

PZZA – Papa John’s – Cramer talks with CEO Nigel Travis. Cheese costs are 40% of their food costs and are at an all-time high. International is a huge opportunity – have 400 international units, 800 units already signed up for the next 8 years. Cramer’s thoughts: “Shorts cover. I think you’re wrong.”

Fed raising rates is going to hurt everyone and I’m negative on retail. There is only one retail that I’ll support – SHLD – stock was up $3 today – just buy one share of it.

What to do tomorrow: TWX could work?

Disclaimer: I AM NOT JIM CRAMER. I sometimes write the summary in first person because my brain doesn't quite move fast enough to process and type at the same time, so please excuse that. This blog has no affiliation with Jim Cramer, CNBC, or Mad Money. This is done for me and you to be able to better follow and track Cramer’s comments, the show goes by quickly so I try and catch as many key words as possible for each pick. ACCURACY IS NOT GUARANTEED but is however strived for.

TOL - Toll Brothers, Inc. - Homebuilding stocks are too sensitive to the short rates - BEAR - ring the register
LEN - Lennar Corporation - Homebuilding stocks are too sensitive to the short rates - BEAR - ring the register
DHI - D.R. Horton Inc. - Homebuilding stocks are too sensitive to the short rates - BEAR - ring the register
PHM - Pulte Homes, Inc. - Homebuilding stocks are too sensitive to the short rates - BEAR - ring the register
CTX - Centex Corporation - Homebuilding stocks are too sensitive to the short rates - BEAR - ring the register
HANS - Hansen Natural Corp. - Drinks are so right it doesn't matter
PEP - PepsiCo, Inc. - If no one had mentioned it on todays show I was thinking about buying it
BUD - Anheuser-Busch Companies, Inc. - Sanction it - its for me
KO - The Coca-Cola Company - Sanction it - its for me
STZ - Constellation Brands, Inc. - Sanction it - its for me
ERTS - Electronic Arts Inc. - Those who keep trying to look through the valley of earnings keep getting killed. You can sell ERTS and buy it back later and it won't hurt, or you could hold and it won't hurt 6 months from now but why live through it?
TYC - Tyco International Ltd. - Company you thought was going to do okay because management was so good - that was wrong, not gonna sell at 16x earnings but still wrong
SBL - Symbol Technologies - Had the CEO on about a month ago telling us not to worry and I believed him. Jumping out the window sound.
GS - Goldman Sachs Group, Inc. - If it weren't for the Fed not taking the break I'd have been very tempted to say why not buy Goldman Sachs (GS). Thought Goldman would have never sold at 10x earnings.


Danger Zone Stocks:

MORN - Morningstar, Inc. - Ring the register - overvalued
LAZ - Lazard - Deal is about to come - how awful is this Lazard IPO? AVIOD THIS DEAL- been a private partnership for over 150 years - wrong for this environment - believe it’s a very expensive buyoff of dissident partners
Q - Qwest Communications International Inc. - We now know why Qwest was desperate to pay any price for MCI. They lost 711,000 phone lines in this quarter - that's unbelievable
NT - Nortel Networks Corporation (USA) - They are losing business in every single line - how tempting is it to bet against Nortel, Qwest, LAZ when it comes public? BEAR BEAR BEAR on all three


Lightning Round:

PGIC - Mikohn Gaming Corporation - Progressive slots - don't like this sector - BEAR - I think they've had it
A - Agilent Technologies Inc. - SELL
KLAC - KLA-Tencor Corporation - SELL
AMAT - Applied Materials, Inc. - SELL
HRS - Harris Corporation - Good company, state of the art defense and aerospace - BULL
MON - Monsanto Company - BULL - don't be dissuaded by that bad last quarter
DCX - DaimlerChrysler AG (USA) - BEAR - okay house in perhaps the worst neighborhood I've ever seen
CSC - Computer Sciences Corporation - BEAR - don't like the consulting business anymore
GME - GameStop Corp. - BEAR - don't like the consulting business anymore
ACN - Accenture - BEAR - don't like the consulting business anymore
TXU - TXU Corporation - BULL - think the Merrill Lynch analyst who doesn't like the Texas political environment is wrong
WFII - Wireless Facilities, Inc. - No. I think the whole wireless industry is set for a fall. Nokia reported great numbers and its done nothing
PVX - Provident Energy Trust (USA) - BULL - 7% yield, like that - these are still good to go
SHRP - Sharper Image Corporation - BULL - been able to look at quarter for 20 minutes - seems like first good quarter - will bless for a trade
PWAV - Powerwave Technologies, Inc. - BULL - do like it for a trade
WYNN - Wynn Resorts, Limited - Day casino opens tends to be the absolute top in the stock - BEAR
LVS - Las Vegas Sands Corp. - SELL - not for me
BYD - Boyd Gaming Corporation - Buy Boyd Gaming
TIBX - Tibco Software Inc. - Keep hoping and get nothing in return - BEAR
WAG - Walgreen Company - Best of breed - BULL - People who didn't like Walgreen's quarter were wrong - favorite in the group
ODP - Office Depot, Inc. - Think CEO change was great - swap out and get into Staples though
SPLS - Staples, Inc. - Get out of ODP and into this
OSUR - OraSure Technologies, Inc. - BULL - feel good about it
AA - Alcoa Inc. - Don't know what environment is good for Alcoa - may be in permabear territory
AXCA - Axcan Pharma Inc. (USA) - Niche pharmaceutical company that I'm liking - BULL
HCBK - Hudson City Bancorp, Inc. - Noo… BEAR - don't like it sell it.
ENER - Energy Conversion Devices, Inc. - BULL - nice niche growth company
XOM - Exxon Mobil Corporation - Struggling at 55 - 57 level, with 28 billion in cash I think it’s a buy - buy some more after the inventories come out tomorrow and the stock drops
TASR - TASER International, Inc. - BEAR - using a target of $5 for TASR
GOOG - Google Inc. - BULL - Still think this stock is going to earn 6 or 7 bucks and have a 50 multiple which puts its substantially higher by year end
ELN - Elan Corporation, plc (ADR) - Want you out of that stock before the programs over - BEAR
LU - Lucent Technologies Inc. - BULL - think it’s the winner and NT's the loser
HC - Hanover Compressor Company - Should work here - natural gas - don't understand why it doesn't do better - I'm gonna bless it - BULL
AFC - Allmerica Financial Corp. - Like property casualty here - only part of insurance I'm blessing - BULL
NXY - Nexen Inc. (USA) - BULL - like Canadian explorations
SU - Suncor Energy Inc. (USA) - like it
ECA - EnCana Corporation (USA) - like it
NAPS - Napster, Inc. - Be fortunate it got back to 6 - SELL IT
HPQ - Hewlett-Packard Company - Stock has been creeping up - that's a mistake - sell it tomorrow morning

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