Tonight on CNBC’s "Mad Money," Jim Cramer also came out in defense of Level 3 Communications (LVLT-NASDAQ) since this stock has been shelled in recent days. In just the last 5 trading days, LVLT had been down more than 10% before recovering some today. It was during a call-in from a guest caller where Cramer defended the stock (rather than one of his features) but he noted that this is what can happen in the highly speculative stocks and they are volatile. He thinks that today was probably the trajectory reversal and noted that this one could chug up to $7.00. From a $5.42 close and considering that this one has only been as high as $6.80 over the last year (and $7.00 would be a 5-year high), this would be a feat. It would also be almost a 30% gainer from here. As a reminder this was Jim Cramer’s #1 Speculative Pick for 2007 back in January, so something would need to go drastically wrong for him to reverse his stance on the stock. That’s my opinion on his stance on Level 3 anyway.
Jon C. Ogg
May 2, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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