Jim Cramer Blog

Erin Burnett hosted. Melissa Lee of CNBC says the financial and tech sectors are down for the third day in a row. IBM and Hewlett Packard are among the top losses. Jeff Auxier, of Auxier Focus Inv. says volatility is normal an healthy because it takes out investors' egos. He says it is a great time to invest if you can be patient. Zimmer Holdings and Telef de Mexico are his top picks for the day. Next, David Malpass of Bear Sterns comments on the drowning dollar. He says the rest of the world is getting richer much quicker than our economy is growing right now. He says we have a small business economy with growth based in innovation, and with time we can improve our weak dollar situation. UPS is set to raise shipping rates by 5% by the beginning of 2008. Julia Boorstin of CNBC reports on the Writers Guild of America Strike on day 5. She says there is an upside for investors in the way of movie rentals and DVD mail order such as NetFlix. The logic behind this is the lack of new content and material for daily television, resulting in a consumer increase in theatre and rental establishments. Next topic was the growing oil prices. Crude Oil, at $96/barrel has obviously been a main concern of many consumers and investors. Bruno Stanziale of Bank of America says that ultimately, it is not possible that we will hit $100 a barrel before 2008. He says the oil prices are due to a lack of demand, as well as a change in market participation. Next, NovaGold of Alaska, announces deal with Barrick Gold to begin Donlin Creek Project. They will be working on projects in Alaska and Western Canada. They will mine gold copper and silver, and jointly owns or partnerships with Rio Tinto and Barrick Gold. Stop trading with Jim Cramer was next. ShawGroup (SGR), Foster Wheeler (FWLT), First Solar (FSLR), and MEMC Electronics (WFR) are his picks for the day.

Labels: CNBC, Crude Oil, Erin Burnett, FSLR, FWLT, HPQ, IBM, SGR, WFR