Over at NewWest.net, Amy Linn has a great catch. CNBC investment guru Jim Cramer had a big recommendation on his (migraine-inducing) show yesterday: Buy W.R. Grace & Co. stock and buy it while the price is low! On the Web site recap of the episode, Cramer sees Grace as a company, with its legal troubles over asbestos poisoning settled, offering a bargain: “Now, with a reorganization in place and emergence imminent, investors should buy the stock before Wall Street catches on.”
Residents of Libby, to say the least, are unlikely to view Grace’s new “emergence” as a prime opportunity.
Amy Linn writes:
Grace’s share price has been on the upswing this year despite continuing media coverage about the tragic role the company has played in people’s lives. The stock price rose 36 percent — from 9.63 to 13.06—on the news about the not-guilty verdicts for the company and three of its former executives, who were cleared of all federal charges after an 11-week trial.
Grace’s lead trial attorney in the criminal trial was tort-star David Bernick, whose has also successfully defended Big Tobacco (including Brown & Williamson), breast-implant maker Dow Corning, and companies that operate nuclear weapons plants. (He also won for Apple in a class action involving iPod-related hearing loss.)
Grace closed today at $12.02, up just 50 cents from yesterday. So maybe Cramer’s madness has no method.
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