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Tuesday, October 21, 2008

Will Jim Cramer Apologize to AIG Employees?

Should Jim Cramer Apologize to AIG employees for stating on Mad Money 10/16/08 that we should hound them in supermarkets and ball parks?

The CEO of AIG has written a letter to Jim Cramer asking for an apology.

From the Wall Street Journal Blog

Edward Liddy -

Dear Mr. Cramer,

I was deeply disappointed last Thursday when you urged your viewers to harass AIG employees, saying:

“We should hound them in the supermarket, we should hound them in the ball park, we should hound them everywhere they are. We should make fun of them and we should point fingers at them and we should tell them that you have no shame.”

Those comments are outrageous. I demand they be retracted and that you apologize to AIG’s employees. It is one thing to criticize the executive leadership of AIG - that’s fair commentary. But it is way out of bounds to incite people to confront and harass other AIG employees - hard-working, dedicated people who are running good businesses and are committed to our success. The employees of AIG did not cause this mess, but they are paying for it - in diminished 401K savings and in some job losses as we sell companies to repay the Federal loan. The irony is that AIG employees did not cause the problem, but they will solve it. For that they deserve our praise and our gratitude.

I await your prompt response.
Edward M. Liddy

Biggest Stock Market Gainers 10/21/08 Tuesday

Here is a list of the biggest gainers in the stock market so far this morning, Tuesday, 10/21

10/21/08 Morning Gainers


PetroHawk Energy ( HK ) is up due to the following natural gas discovery

Tracinda sells Ford ( F ) Shares 10/20/08

Tracinda Corporation is a private investment corporation owned by Kirk Kerkorian and they have come out and said they have sold 7.3 million Ford Motors ( F ) shares on Monday, 10/20/08 at $2.43 per share. They still own 6.09% of shares so look out below because they are further looking to liquidate. Can you believe this news? Yikes! Ford shares are trading at $2.25 pre market on this news.

Pre Market Trading - Stock Market 10/21/08 - Libor Rates, CAT, AAPL, Futures

Today, Tuesday, 10/21/08, The stock Market futures are pointing lower in pre market by about 100 points for the Dow Jones. This comes after a huge move up over 400 points on Monday.

European Markets 10/21/08 - European stock markets opened higher Tuesday following Asian gains overnight, as lower interbank lending rates fueled hope that credit markets are returning to normal. The Nikkei rose 3.3% last night.
The FTSE 100 index of leading British shares was 2.53 points higher, or 0.1 percent, higher at 4,285.20, while Germany's DAX was up 30.76 points, or 0.6 percent, at 4,865.77.

Caterpillar ( CAT ) - Cat just reported earnings this morning of $1.39 per share vs 1.41 expected. Caterpillar sees full year 2008 earnings of $6 and they reaffirm their full year 2008 outlook.

Libor Rates - Today, the Libor rates are below 4% for the first time in three weeks. This is a further signal that the credit markets are starting to thaw up a bit. Should be great news for the stock market going forward.

Stock to Watch 10/21/08 - (LINE ), Jim Cramer mentioned it on Mad Money CNBC last night. The stock was up over 12% to $16.25. Watch Apple ( AAPL ) today as they release earnings tonight. Key analyst Gene Munster said on Fast Money last night he expects AAPL to trade higher after earnings are released tonight. Apple is expected to report $1.11 per share.

EBS - New Top 2008 Stock this year - As of yesterday, ( EBS ) is the best performing stock this year for the first time.

Carter Worth gave a new opinion on the markets last night - check it out!