On tonight’s MAD MONEY on CNBC, Jim Cramer said that despite this being one of the worst markets he’s seen in his career he wants you to stay in the game. He wants to own defensive stocks that will hold up well. Here is his pick tonight:
- Altria (NYSE: MO) was down today and he still likes it. This was one of his top picks last year that he has stuck with for a while. This was also one of our Dogs of the Dow we gave a target for ahead of the spin-off of Phillip Morris International in 14 days for and the break-up could end up coming out the end of this quarter. The company also owns a 28.6% stake in SAB Miller. The company will also start to be able to repurchase shares soon. He thinks the momentum might take this to $90 per share even before the break-up.
We’ve heard this one before over and over, so that’s enough there. We named Reynolds American (NYSE: RAI) as one of our "new defensive stocks with a value flair" for the first part of 2008.
Jon C. Ogg
January 16, 2008
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