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Cramer's Sell Block on Legg Mason Redemptions (LM, AIG, CFC, COF, EK, GOOG, UNH, S)
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On CNBC’s MAD MONEY tonight, Jim Cramer did his SELL BLOCK where he makes calls for selling winners or losers. Tonight he focused on legendary portfolio manager Bill Miller of Legg Mason (NYSE: LM). Miller had outperformed for many years but 2007 was another year of underperformance after an underperforming 2006. With mutual fund redemptions rising (investors withdrawing cash from stock funds) Cramer believes that this will hit Legg Mason (NYSE: LM) fairly hard and he thinks that is resembling a sell here.
Legg Mason shares closed up almost 2% today at $73.43, but the 52-week trading range is $68.35 to $110.17. More importantly, Cramer gave some of Legg Mason’s top holdings that could get hit hard if the redemptions come flying in:
Backward & Forward, Cramer In 2007 To 2008 is a full list of our top Cramer summaries with his 2007 calls that are pertinent or due for updates in 2008.
Jon C. Ogg
January 3, 2008
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