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Remember Eaton [ETN
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], the maker of fuel-efficient transmissions, hybrid engines and power systems that Cramer got behind as his original new-tech play back in the spring? Well, the stock took an absolute beating on Tuesday after the company lowered its full-year guidance and growth expectations. Should you be worried?
Eaton CEO Sandy Cutler told Cramer on Tuesday’s show that Tuesday’s stock drop was an overreaction by a jumpy market, and in fact the company is still projecting it will grow earnings next year.
We’re in a slowing economy, Cutlet said. There’s no two ways about it. Because of that, Eaton had to refine its outlook, but the company is still seeing “extraordinary performance” considering the turmoil in the credit and housing markets.
On Europe, where Eaton recently completed three acquisitions, Cutler acknowledged that the economy could be slowing, although the continent is still likely to see positive growth.
The bottom line is that this is a trading-driven market right now, Cutler said. It’s volatile and it’s nervous, and because of that, a relatively minor guidance cut can send an otherwise healthy stock down 7% in a session.
Cramer couldn’t agree more. He said he’d be a buyer of Eaton on days like this. “This is a great American company that’s here to stay,” he said.
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