Jim Cramer made the following calls on July 1st, 2013. What do you think about his picks?
Broadcom Corp. (NASDAQ:BRCM): Jim Cramer ranked this stock a Sell. Cramer previously ranked this stock a Buy on January 11, 2013. The stock’s 52-week high is $37.85, and its 52-week low is $28.60.
While Cramer doesn’t like Broadcom, the company was selected by Tata Sky, one of the biggest satellite TV providers in India, to provide the boxes needed for the new direct-to-home service it’s rolling out. Cramer only indicated that the stock needed to be sold, while he remained bullish on other companies instead.
Bed Bath & Beyond, Inc. (NASDAQ:BBBY): Jim Cramer ranked this stock a Buy. Cramer previously ranked this stock a Buy on June 27, 2013. The stock’s 52-week high is $72.60, and its 52-week low is $54.33.
Bed Bath & Beyond is in the midst of purchasing shares back from holders, as well as benefiting from an upturn in the housing market. After just beating revenue estimates and getting up to $2.61 billion, the company reported an increase in store sales of 3.4 percent from a year ago. Cramer thinks the company might get taken private, something he feels would be profitable.
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN): Jim Cramer ranked this stock a Buy. Cramer previously ranked this stock a Buy on June 3, 2013. The stock’s 52-week high is $71.56, and its 52-week low is $36.28.
Cramer discussed the recent ramifications for Onyx’s (NASDAQ:ONXX) rejection of Amgen’s (NASDAQ:AMGN) takeover bid, turning down $120 dollars per share as undervalued. According to the Mad Money host, “You have to understand, the implications of what just happened with Onyx are enormous. Amgen’s failed bid tells us that it makes sense for larger drug or biotech companies to pay massive premiums for smaller, faster-growing biotechs with strong pipelines. And the fact that Onyx said no to a 38% premium means that many of these biotech stocks are likely worth much more than the levels where they’re currently trading.” BioMarin was included in those he recommended taking a look at, provided the price was at a weak spot.
Celgene Corporation (NASDAQ:CELG): Jim Cramer ranked this stock a Buy. Cramer previously ranked this stock a Buy on June 5, 2013. The stock’s 52-week high is $131.82, and its 52-week low is $61.89.
Cramer, perfered a bit of a safe route in the biopharama space though, advocating Celgene as one of his “favorite players,” despite being a bit larger than the potential takeover candidates. Celgene has also been listed as a possible buyer of Onyx, which is now looking to command a higher sale price.