Filed under: Federal Reserve, Cramer on BloggingStocks

TheStreet.com’s Jim Cramer says Parker Hannifin’s punishment for good results is typical of what to expect in this market.

Parker Hannifin (NYSE: PH) (Cramer’s Take) defines this market. The company delivers a perfectly good quarter, says international is smoking, boosts forecast, commits to more buybacks — and then loses almost 10% of its value.

That’s what this market is all about.

It was in the cards. You knew it if you listened to the conference call. Because on that call the company had to answer endless questions about how it would fare in a recession, even though it saw improvement domestically.

PH is one of those companies that keeps the Fed from easing: its commercial aerospace and engines businesses are really strong. But no matter what, the Street has decided that PH spent too much money buying back stock at higher prices — the mantra of the moment — and can’t possibly do well in the now well-baked-in Fed-mandated recession.

Continue reading Cramer on BloggingStocks: The Fed Effect: Do well, get punished

Permalink | Email this | Comments

Share This

This entry was posted on Friday, January 18th, 2008 at 2:57 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.