Segment 1: Don't Blame Bernanke
Cramer said that people are blaming the downward move in the market this afternoon on Fed Chairman Ben Bernanke, but he had to appear bearish when he appeared before Congress while discussing the need for the Fed to intervene and bail out the financial sector. Cramer thinks that the downturn allowed companies to cut waste and will have better profits once the economy turns around, and that many companies, like Caterpillar (CAT), Eaton (ETN), PPG Industries (PPG), and Freeport McMoran (FCX), have reported their last bad quarter instead of their only good one. He is bullish on CAT because it will make huge profits when the economy improves.
Segment 2: Off the Charts
Cramer looked at the chart of Las Vegas Sands (LVS) because casino stocks have been hot recently. He said that technical analysts are bullish on this stock because it had a big breakout above its 200 day moving average, it went through the $10 mark without a pullback, and it is showing a lot of strength even though the stock is overbought. Cramer said that the fundamentals show that if you like LVS, you should like Wynn Resorts (WYNN) even more. It is a better run company, has its Macau IPO coming out ahead of LVS, doesn’t have the financing issues that LVS has, and is expanding its property in Macau while LVS has had to stop work on the 5 new properties it is building in Macau because of financing issues.
Cramer took phone calls on the following stocks:
MGM Mirage (MGM): Cramer thinks the casino stocks have bottomed, but he likes Wynn Resorts (WYNN) better.
Carnival (CCL): Cramer likes this stock but said he would like Disney (DIS) more.
Wal-Mart (WMT): Cramer thinks that this company isn’t having a great quarter, so he recommended going with Macy’s (M).
Segment 3: Interview with MLB.com CEO Bob Bowman
Cramer talked to the CEO of baseball’s website about the technology behind their online TV and mobile internet applications, but didn’t talk about any specific stocks.
Segment 4: Lightning Round!
Allstate (ALL): Cramer is bearish on this stock and said to go with Travelers (TRV) instead.
IMAX (IMAX): Cramer is bearish on this stock because it already made its big move.
Cedar Fair (FUN): Cramer is bearish and said he got this one wrong when he said that they could pay their dividend.
Huntington Banchares (HBAN): Cramer is bullish on this regional bank along with FirstMerit (FMER), and said that he is bearish on Regions Financial (RF), KeyCorp (KEY), and Fifth Third Bancorp (FITB).
Starbucks (SBUX): Cramer is bullish on this stock, and reiterated that he wants to buy McDonald’s (MCD) at $58 or less.
Under Armour (UA): Cramer is bearish on this stock because it has no momentum, and said he likes Nike (NKE) and Lululemon Athletic (LULU) better.
Nucor (NUE): Cramer is bullish and would buy more if the stock goes under $40.
AIG (AIG): Cramer is bearish and said to stay away from the stock.
CVS Caremark (CVS): Cramer likes this stock, but he likes Express Scripts (ESRX) or MedcoHealth Solutions (MHS) better.
Segment 5: Mad Money Mail
Harley-Davidson (HOG): Cramer is bullish on this stock because he thinks the bad quarter they just reported is a bottom.
Frontline (FRO): Cramer is bearish on this stock and said to switch to Nordic American Tanker (NAT).
Verizon (VZ): Cramer is bullish and said to buy more if the stock drops below $29.
