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Just because the FDA is issuing an ‘early communication’ on Merck and Schering-Plough’s cholesterol drug Vytorin doesn’t mean it will get pulled, Cramer said on Friday’s Stop Trading! segment. He said that shares of both companies are being sold off in a case of panic and “classic headline overreaction.”
Cramer insisted that he would buy both Merck [MRK
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] and Schering [SGP
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]. Even if Vytorin ends up being a lost cause, which he doesn’t think it will, it’s not the only important drug in the pipeline for either Big Pharma behemoth.
On Thursday’s government stimulus plan that increases the mortgage cap on Fannie Mae [FNM
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] and Freddie Mac [FRE
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], Cramer lamented that government-backed lenders are still “not invest-able.” As long as Fannie and Freddie continue to be “overwhelmed,” Cramer said, they are liable to make mistakes. He said that the stimulus plan could help Thornburg Mortgage [TMA
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] and Toll Brothers [TOL
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].
Jim's charitable trust owns Schering-Plough.
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