After a tough day on Wall Street trading, Jim Kramer of CNBC said the market allows investors to find stocks that are excellent purchases.
“Even though we had a brutal sale today, we’re still in one of the biggest markets for a second chance I’ve ever seen, as you saw with the industrialists between mid-morning and late afternoon,” Crazy Money, presenter.
Shares had a mixed session on Tuesday, with the Dow gaining closing and the S&P 500 down 0.7%. The technological Nasdaq Composite fell nearly 2%.
Kramer pointed to drug trafficking to sue for sale before sale. Shares of Merck, Bristol-Myers Squibb and Eli Lilly, he noted, bounced after they missed estimates in their quarterly earnings reports last week.
“I think Eli Lilly, which we have for charity … is a real value to the rest of the market,” he said. “Lilly is lucky and when his stock is crushed on a bad strip, you have to buy it. Apparently a lot of money managers agree because they finally got together today.”
Shares of Eli Lilly closed at $ 188.20 on Tuesday after rising 1.2%. Cramer speculated that Eli Lilly’s move on Monday to allow a $ 5 billion buyback could be a turning point for shares that have fallen more than 11 percent since late January.
Disclosure: Cramer’s charity trust owns shares in Eli Lilly.
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