Schering-Plough’s Fred Hassan promised results when he took the company’s top job, Cramer said Tuesday, and the CEO has delivered. The stock has climbed $10 under Hassan’s stewardship, despite an “absolutely terrible” performance by the rest of the group.
Schering-Plough today reported second-quarter profits of 46 cents a share on revenues of $4.65 billion, beating analysts’ estimates of 45 cents a share on $4.61 billion in sales. While some criticized Hassan’s decision to merge with Merck , a move expected to happen later this year, Cramer disagreed.
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“Wherever he goes next,” Cramer said, “you have to buy his stock.”
Coca-Cola reported a “terrific” quarter, the Mad Money host said, though it has gone unnoticed due to Caterpillar’s announcement that the world economy is showing signs of improvement. Coke shares have run in price, so Cramer can’t make a buy call. But he did mention the “tremendous growth” in soda, a business he assumed had peaked.
Monsanto has a newly approved corn seed “that people are going nuts over,” Cramer said. The new product could mean the company will see growth “in the out years,” even though corn prices have come down. That gives investors “a chance to buy a stock that people have pretty much given up on.”
Lastly, Cramer reiterated his previous statement that the market is about to lap the doldrums of last September, when Lehman Brothers collapsed and the credit crisis seemed to be at its worst. He said he expects “some phenomenal data in this country year over year” as a result, with 2009 delivering “much stronger numbers.” That will boost sentiment on Wall Street and give investors reason to continue buying stocks
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