Jim Cramer Blog

Erin Burnett hosted. Scott Wapner of CNBC says financial stocks are experiencing some write-downs. Tech stocks are doing well. Cisco Systems (CSCO) is leading the tech market. CitiGroup was the next topic. Vince Farrell says he hays confidence in Robert Rubin to pull CitiGroup through. Ken Heebner of CGM adds that we are just seeing the beginning of financial groups experiencing write-offs, as we see them tighten their lending. Next, Time Warner names Jeff Bewkes as CEO, succeeding Dick Parsons. Roger Altman of Evercore Partners says [of the financial turmoil in the market] that it is exceedingly difficult to manage a firm like Citi; "The way these firms are run make the changes in stock more volatile." Some institutions are getting "too big to manage." Next, Petro China opened today in Shanghai at $1T, making it the worlds biggest company, more than double of that of Exxon Mobil. Erin Ennis (U.S-China business council) says many states are courting investment from China. Governors are leading the way for trade deals with China. The top states making deals with China are California, Illinois, Minnesota, Tennessee, Georgia, South Carolina, Delaware, New Jersey, and Florida. Currently; Japan and Europe make up 67% of foreign domestic investment for the U.S. Crude Oil closed at 94.05, down 2 pts from this morning. John Kilduff of CNBC was next, discussing energy costs. He says we should expect an increase in gasoline prices in the near future. Gasoline inventories are at a multi-year low. Holiday shopping season should produce a heavier demand for gasoline. David Faber was next, speaking of IAC/Interactive (IACI,) and the spin-offs they are splitting into. CEO; Diller, will not say which of the spin-offs he will follow. Potential value for IAC's stand alone business is big. Ticketmaster will benefit most from company spin-off. Jim Cramer was next with Stop Trading. He says Healthcare and Techs are his focus. Next, day one of the writer's guild strike, worries talk show hosts. Starting tonight, late night talk shows are shutting down production and will play reruns. Jay Leno is supporting the writers, saying "Without the writers, my role is not comedic." Digital distribution revenues are the issue for strike, and without new material and scripts, some are wondering how this strike will affect the entertainment industry in years to come.

Labels: CNBC, Erin Burnett, Street Signs