Mea Culpa On Schering-Plough

Cramer admitted he missed the top call on Schering-Plough (SGP) on May 14, 2007. Cramer owns SGP for his charitable trust. On May 14 Cramer told investors to buy SGP after the stock was already up 100% from a previous recommendation. The stock plunged all the way down to $13 a share after an expert panel bashed the company’s cholesterol drug Vytorin at cardiology conference in March. Cramer said he underestimated the bad news and the power of the New York Times, which covered the the drug makers problems. Cramer admitted that greed got the best of him when the stock was at $31, he should have told investors to take profits, but instead he put too much confidence in CEO Fred Hassan. Cramer now feels that the negative news is done and the new drug pipeline combined with aggressive cost cutting by Hassan makes the stock attractive at current levels.
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Fuente Original

  7 May, 2008| Economy | @ 18:24

Mea Culpa On Schering-Plough

Cramer admitted he missed the top call on Schering-Plough (SGP) on May 14, 2007. Cramer owns SGP for his charitable trust. On May 14 Cramer told investors to buy SGP after the stock was already up 100%
…
Fuente Original

  7 May, 2008| Economy | @ 18:15

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