Cramer Says Sell-Off Mania Unwarranted (PG, BA, AAPL, AVT, D, MNRO)
In his "Mad Money" TV show, host Jim Cramer expressed his dislike for the current market in which sellers have become way too powerful, which could pull the market down. However, the markets should be heading higher, as numerous companies, such as Procter & Gamble (NYSE: PG), Boeing (NYSE: BA) or even Apple (NASDAQ: AAPL) are posting impressive results in terms of profits. President Obama's anti-shareholder stance and concerns of a slowdown in China seem to have made big money managers jittery, forcing them to sell. Cramer says that the best approach right now is to get defensive and wait for the selling to end.
About Avnet (NYSE: AVT), Jim says that it has a finger on the pulse of the technology sector and called it a definite buy. When Jim asked Tom Farrell, the chairman, president and CEO of Dominion Resources (NYSE: D), about the effects of President Obama's cap-and-trade initiatives on the company’s new coal fired power plant in Virginia, Tom replied that the country can't implement any serious carbon reduction efforts unless regulations allow a more abundant use of nuclear power as a fuel source. Cramer remarked that D continues to be his favorite utility, as it offers a good yield in uncertain times.
In his interview with Robert Gross, chairman and CEO of Monro Muffler Brake (NASDAQ: MNRO), Cramer commented that he continues to be bullish on MNRO, despite a 62% jump in the shares since he first recommended it on August 8, 2008. He said that MNRO will continue to see solid growth in the next several years.
Robert Gross was extremely optimistic about same-store sales at his business and said that the company can grow three times its current size without moving out of its existing markets.
