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CNBC's Jim Cramer has a huge following due to his "Fast Money" television show and a number of very popular investment books. The stocks below have been given a buy rating from Cramer, but all of them have had a tough year in 2011 and are trading well off the 52-week highs. However, there might be some light at the end of the tunnel in just a few weeks thanks to the "January Effect." This is known to occur each year, particularly with small and mid-cap stocks that have seen declines. Stocks that fit this profile typically see heavy selling in the last few weeks of the year as investors sell shares they have losses in, so that they can offset gains in other stocks and harvest tax losses. This process pushes already hard-hit stocks even lower, and that can create a great buying opportunity at this time of year. If you buy the right stocks now, they are likely to rebound substantially in January because they won't be under tax-loss selling pressure. Some investors who sold in 2011, will be buying in January to re-establish positions in companies they like.

Here are some Cramer favorites with the potential to rebound into 2012:

Darden Restaurants, Inc. (DRI) operates a number of well-known restaurants such as Red Lobster and The Olive Garden. Cramer gives this stock a buy rating. Food costs appear to be going down and that could improve margins for Darden in the coming months. This stock is only about $3 above the 52-week low, so it could rebound sharply in 2012.

Here are some key points for DRI:

Current share price: $43.94

The 52-week range is $40.69 to $53.81

Earnings estimates for 2011: $3.78 per share

Earnings estimates for 2012: $4.28 per share

Annual dividend: $1.72 per share, which yields 4%

NVIDIA Corporation (NVDA) is a leading maker of 3D graphics chips for the computer industry. This stock traded around $19 a couple of months ago, then fell to about $12.50 during the market correction and is now starting to rebound. The demand for NVIDIA products is only likely to rise as consumers seek higher-end graphics on all technology products. Cramer has given this stock a buy rating. Nvidia shares are trading close to the 52-week low and are likely to rebound in January.

Here are some key points for NVDA:

Current share price: $14.50

The 52-week range is $11.47 to $26.17

Earnings estimates for 2011: $1.03

Earnings estimates for 2012: $1.08

Annual dividend: none

Juniper Networks, Inc. (JNPR) is a leading maker of networking equipment. Juniper competes with Cisco Systems (CSCO) and it seems to be going through some of the same problems that Cisco has been dealing with for months. Cramer has given Juniper shares a buy rating and this stock could rally in 2012 since it will no longer be pressured by tax-loss selling.

Here are some key points for JNPR:

Current share price: $19.36

The 52-week range is $16.67 to $45.01

Earnings estimates for 2011: $1.25

Earnings estimates for 2012: $1.44

Annual dividend: none

Chesapeake Energy Corporation (CHK) is one of the leading natural gas companies in the United States. It has interests in the Barnett Shale, the Haynesville and Bossier Shales, the Fayetteville Shale, the Marcellus Shale and the Eagle Ford Shale. Cramer has given this stock a buy rating, and these badly beaten-down shares are undervalued.

Here are some key points for CHK:

Current share price: $23.96

The 52-week range is $22.41 to $35.95

Earnings estimates for 2011: $2.85 per share

Earnings estimates for 2012: $2.47 per share

Annual dividend: 35 cents per share, which yields 1.4%

Sandridge Energy (SD) is oil and natural gas company, based in Oklahoma. It has projects in Texas, the Gulf of Mexico, and the Permian Basin, as well as others. Cramer has given it a buy rating but it does not look like the best of breed to me. However, it has had a tough 2011 and trades for almost at about 50% below the 52-week high, so a rebound is likely.

Here are some key points for SD:

Current share price: $7.33

The 52-week range is $4.55 to $13.34

Earnings estimates for 2011: a loss of 3 cents per share

Earnings estimates for 2012: a profit of 16 cents per share

Annual dividend: none

Schlumberger Limited (SLB) provides support, project management and other services to the oil and gas industry. Cramer has given this stock a buy rating, and it does look like a solid buy on any dips. Exposure to the oil industry makes sense for almost all investors and with the turmoil in the Middle East, Schlumberger shares could see solid gains in 2012.

Here are some key points for SLB:

Current share price: $71.91

The 52-week range is $54.79 to $95.64

Earnings estimates for 2011: $3.66 per share

Earnings estimates for 2012: $4.93 per share

Annual dividend: $1 per share, which yields 1.3%

Marvell Technology Group, Inc. (MRVL) makes a variety of technology products including storage, wireless and processors. Marvell recently announced strong earnings and the stock might have put in a solid bottom. Marvell has a strong balance sheet and the stock should head higher into 2012.

Here are some key points for MRVL:

Current share price: $13.95

The 52-week range is $11.23 to $22.01

Earnings estimates for 2011: $1.29 per share

Earnings estimates for 2012: $1.27 per share

Annual dividend: None

Data sourced from Yahoo Finance. No guarantees or representations are made.

Disclosure: Hawkinvest is not a registered investment advisor and does not provide specific investment advice. The information is for informational purposes only. You should always consult a financial advisor.

Source: 7 Cramer Stocks Poised For A January Effect Rally