Kneejerk negativity is getting us nowhere, Jim Cramer said Thursday on CNBC’s “Mad Money.” In fact, it’s costing us money. We may be faced with a slew of problems — like the looming U.S. fiscal cliff, a slowing China and an imploding Europe — but that doesn’t seem to be stopping well-run companiesfrom posting spectacular results, he said.
Take Snap-on, the largest maker and distributor of premium hand and power tools. The firm does the majority of its business in auto repair shops and dealerships but has lately begun selling into additional end markets like aerospace, agriculture, construction, mining and power generation. “Snap-on has a terrific read on how all sorts of small business are doing across the country,” he said.
The tool-making titan reported second-quarter earnings Thursday and “knocked it out of the park.” SNA performed a 7-cent earnings beat of $.130 a share and 10 percent organic growth in its key tools group. As a result, the stock soared to a new high today.
To find out more about Snap-on’s prospects, Cramer chatted with Nick Pinchuk, president and CEO of Snap-on, on Thursday’s show. Watch for the video to see the full interview.
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