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Prominent market commentator Jim Cramer said three corporate deals announced on Monday aided the rally seen at the beginning of the week, according to a CNBC report.
What Happened: “Mergers matter. When companies start buying each other at a big premium to what the market’s willing to pay, it tells you that stocks entirely, the whole market, may just be too cheap,” Cramer said, according to the report.
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Here are the deals that Cramer was referring to:
“Three deals in a regulatory environment that’s this hostile to takeovers? At that point, you need to get more positive on the entire asset class, because the acquirers are telling you these stocks have gotten too cheap to be ignored,” Cramer said.
He also pointed out that there are a "ton of stocks" the market has no appreciation for, and "we’re finding out that other companies, or private equity buyers, value them a lot more highly.”
Major Wall Street indices closed over 1% higher on Monday after last week’s subdued performance as investors brace for the release of the consumer price inflation data on Tuesday followed by the crucial Federal Reserve meeting outcome on Wednesday. The SPDR S&P 500 ETF Trust (NYSE: SPY) closed 1.44% higher on Monday, while the Vanguard Total Bond Market Index Fund ETF (NASDAQ: BND) closed flat.