Cramer Reacts to Walmart's Woeful Comments
“Things aren’t great.”
That’s how Cramer summed up comments made by Walmart CEO Mike Duke in a Friday Wall Street Journal interview. The Mad Money host said he was expecting more positive statements from the bellwether discount retailer, given how far into the recovery the US is supposed to be.
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A sign of good news would be the stall-out of, if not drop in, Walmart’s share price, Cramer said, and a push higher by Target and Best Buy . Such a move would mean that consumers are willing to spend more on higher-priced items, which in turn would indicate a shift in the economy. The Duke interview seemed to put the kibosh on that, at least for now.
“I never go against Walmart as a tell on the economy,” Cramer said, “because they’re just too darn good.”
Elsewhere in the market, Cramer called Apple and Google great secular stories. Apple’s iPhone continues to take share from Research in Motion’s handsets, and surveys say that Google is clawing back after the public’s initial fascination with new Microsoft search engine Bing. Cramer predicted “substantially better-than-expected earnings” from both companies.
Lastly, Cramer praised CEO Indra Nooyi and Pepsi for buying two of its bottlers. And he pointed to two Accenture upgrades, which came despite what some thought was a poor fiscal fourth quarter.
“The outsourcing game is stronger than ever,” Cramer said.
Cramer's charitable trust owns Pepsi.
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