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Mad Mail: Cramer's Macy's Call

Jim: A big Hoosier booooo-yaaaaaaaah to you! Thank you for the show. I consider you an elixir for the turmoil and heartaches of today's market. Your insight and commentary keep me in the game. My question for you is regarding Fortune Brands. With the S&P's downgrade to a "notch above junk," should I stay in or get out? Thank you for all that you are doing. You are the voice of reason in this constant state of flux. --KevMo in Indiana

Cramer says: “We’ve had Bruce Carbonari, the CEO of Fortune Brands on. I think he’s talked a really good game each time, and I think he’s done us a disservice. I think the stock has been a loser. And I wish he had been more cautious…the stock is down hideously. And now I’m even concerned about the dividend…I’d like him to come on right now and say, ‘Listen, that dividend is safe.’ I’d also like him to explain how he continually misses the quarter by a mile and yet continually talks about taking market share.”

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Jim: You routinely recommend stocks with dividends in the range Macy's reduced theirs to, yet you slammed the reduction. It says a lot that the dividend was not eliminated, but did you mention that? How much of the market's reaction can be attributed to Macy's actions compared with your grandstanding on national television? Is this the sort of temperance you would bring to the various government positions you constantly promote yourself for? --Ex-fan in Florida

Cramer says: “I told people when Macy’s got that credit agreement to sell Macy’s. I do not think Macy’s balance sheet’s that good. I am concerned about Macy’s. I don’t know exactly what I’m supposed to do. I told people to sell it into the strength. Then they cut the dividend. I told people to stay away. I’m concerned about it. What am I supposed to do, say I love it?”










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