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The market – Cramer included – overreacted to FedEx’s quarter, the Mad Money host said on Thursday. He gave the numbers a second look, and “it wasn’t nearly as bad as people think.”
FedEx [FDX
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] on Wednesday reported a fiscal fourth-quarter loss of $2.82 a share, though excluding $1.2 billion in previously announced charges the EPS was a positive 64 cents a share. The company declined to give a full-year outlook based on the uncertainty of the economy and jet fuel prices, which is part of the reason FDX lost 1.4% in Wednesday trading.
Investors are too negative on FedEx, and the transports as a whole, Cramer said, but “right now we’re in a mode to be negative.”
Elsewhere in the market, Caterpillar’s [CAT
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] declining machinery sales in North America and Japan “were devastating to me,” Cramer said. That slowdown was reason enough to reconsider buying Bucyrus International [BUCY
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] and Joy Global [JOYG
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].
“Maybe it’s time to step back from these stocks,” Cramer said, rather than assume JOYG and BUCY will continue to trend higher.
Lastly, SLM Corp. [SLM
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] may be up about 6% on Thursday, but it’s not up “nearly as much as it should be,” Cramer said. The company has a good amount of earnings power just from the loans already on its books, and SLM just won a key servicing contract. Cramer thinks the stock should fetch $9 or $10 rather, not its present trading price of $8.
Watch the video for Cramer’s take on Federal Reserve Chairman Ben Bernanke’s potential reinstatement and Treasury Secretary Tim Geithner’s candid testimony on the Hill today.
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