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So much of stock investing is about hard numbers. Investors track earnings per share, sales and a company’s growth rate, while looking at the macro environment as well. But there’s an intangible element that’s arguably just as important: the CEO. Whether or not Wall Street is willing to pay more for a stock often depends on who’s steering the ship.
This type of superior management was the reason for McDonald’s [MCD
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] better-than-expected quarter on Thursday, Cramer said. CEO James Skinner emphasized innovation, new products, new burgers and international expansion, all of which helped to deliver key top-line growth while others have seen improvements only on the bottom line. MCD finished the day $1.17 higher, doing its part to push up the Dow 132 points.
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The same compliments could be paid to any number of great managers: Goldman Sachs’ [GS
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] Lloyd Blankfein, JPMorgan Chase’s [JPM
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] Jamie Dimon, Ford Motor’s [F
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] Alan Mulally and Apple’s [AAPL
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] Steve Jobs. Money managers consider these company leaders as much as any other part of the business when deciding on which multiple to give a stock.
Add J. Crew Group’s [JCG
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] Mickey Drexler to this list. “The greatest merchant of our lifetime,” as Cramer called him, who “has an eye both for fashion and for inventory,” boosted his third-quarter guidance so much today that the stock shot up $5.75 to $43.49, a 15% gain. Strong inventory control and a great clothing line – First Lady Michelle Obama is a fan – have generated the same success for Drexler at J. Crew that he used to turn around the Gap [GPS
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].
Cramer would never tell investors to ignore the balance sheet and a company’s public filings, he said, “But never forget the special sauce” – management – “and how we have to be willing to pay up for the likes of greatness.”
Cramer's charitable trust owns Goldman Sachs and JPMorgan Chase.
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