Jim Cramer Blog

Erin Burnett hosted. Quicken moves 4000 jobs to Detroit, MI. Founder and Chairman; Dan Gilbert says the reason for moving jobs here is to maximize effiency and benefit for the company as well as employees. He says Detroit has much obvious potential; a great educated workforce, many colleges and universities, and many ideas. Chris Ilitch of Ilitch Holdings agrees that there is much potential in Michigan. Little Caesars, Detroit Red Wings, and the Detroit Tigers are all Illitch Companies. He says activating culture and sports attractions will very much benefit the economy as well as the "creative" generations to come. He says many programs are in progress to bring the "life" back into the state of Michigan. To bring new business into the region is one of the main variables in improving and re-inventing the economy. The state of Michigan ranks fifth highest in foreclosure rates. Home prices are down over 6% statewide, and over 30% in Detroit. The mortgage meltdown has caused bids on houses to go as low as $2,000 per home. Dow, Nasdaq, and S&P all up. Crude oil is down 4.25 pts. Down to $90 per barrel. Next, Chrysler is undergoing a $220m upgrade to renovate and ultimately to maximize production in their Warren plants. 2800 employees work at the 3.3 million sq. ft. facility, built in 1938, it is known locally as "Dodge City." JP Morgan, Bank of America and Goldman Sachs have all been upgraded, contributing to the rise in the financial sector today. Stop Trading with Jim Cramer was next. He says time is now to buy Goldman Sachs. Up 8%, he expects stocks to be trading at $240 by the end of this week. Borgwarner (BWA) is termed as rising stock as a result of the eco-friendly and "green" celebrations; and is recommended by Jim Cramer. Next was the Bond Report with Rick Santelli. S&P is up 29.80 pts, about 2%. Michigan Senator; Debbie Stabenow says 23% of total United States vehicle production occurs in MI. She believes that manufacturing will continue to be a major contributor, as well as agriculture. The Auto Industry, Bio-diesel, Ethanol and advancements in technology back these calls.

Labels: Chrysler, CNBC, detroit, Erin Burnett, Jim Cramer, Street Signs, street signs recap