Rally Pointers: Time Warner (TWX) - On Tuesday's rally, Cramer recommended taking some gains and to hold off buying until the Consumer Price Index comes out on Wednesday. He advised to expect some volatility; "We have gotten multiple rallies and selloffs since May of 2000, and the pattern is not changing." Sectors which have not benefitted from the rally are infrastructure (Cramer calls this selloff "short-term and unintelligent") and oil. Cramer believes that TWX is too low, given that cable is doing well, and suggest that perhaps the company is suffering from problems with AOL and lackluster box office returns.
Testing, Testing: Wal-Mart (WMT), Home Depot (HD), Federated Department Stores (FD), Target (TGT), J.C. Penney (JCP), and Brinker (EAT) - Cramer observes that people look at the performance of certain companies, such as WMT and HD, as an indication of how the market is doing in general. Although WMT was on target this quarter, people seized on the information that its profits had decreased for the first time in ten years. Cramer says that HD CEO, Bob Nardelli, has received a lot of criticism in spite of many positive points in its conference calls, and says that the success of higher-end retail, such as FD, TGT, JCP and restaurant plays such as EAT are a better indication of consumer confidence than cheaper stores such as WMT and HD.
CEO Les Moonves, CBS (CBS)- Cramer comments that CEOs often promise much more than they deliver. However, CBS' Chief Executive, Les Moonves, said that he would raise dividends, and the company rewarded the stockholder accordingly. CBS has recently rallied, and Cramer believes that it will go higher and suggests buying it because the company announced that it will raise its dividends again.
Qualcomm (QCOM): Cramer calls this stock the "brains behind most wireless." In spite of challenges to its patents, Cramer believes that it has bottomed and he would buy this stock.
Intuitive Surgical (ISRG): ISRG has a high price-to-earnings multiple, and Cramer points out that these stocks tend to get flattened. Cramer notes that it has recently fallen from $94.55 to $50, and he would sell the stock.
Titanium Metals (TIE): Cramer says that this stock has peaked. He would ring the register, since it is up $1.
Citrix Systems (CTXS): This stock has been a disaster, says Cramer "I've lost faith in expensive stocks," Cramer said. "I wish I didn't own it. It has cost me a lot of money."
Jacobs Engineering Group (JEC): Although this infrastructure company has been peforming better than others in the sector, Cramer believes that it is going to go down.
Sirius Satellite Radio (SIRI): Cramer doesn't see a catalyst for this stock unless it merges with XM Satellite Radio (XMSR), in which case, it might double.
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