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We have done our best to record the calls for you, but remember that the shows are fast moving, and sometimes Cramer bangs on the sell! sell! sell!, bull roar, train wreck, suicide jump, hallelujah chorus, backing up truck, creepy house of pain voice, machine gun, fanfare, toilet flush, all aboard, applause, cash register, bear growl, bowling pins, and submarine diving alarm buttons all at once, while he is screaming.

Please do your own research, and verify all information before acting on it. This summary of Cramer’s picks is not intended to replace watching the shows, where his comments about the stocks often include advice about entry and exit points.

Bullish
Alamo Group (ALG) (Lightning Round)
Alberto-Culver (ACV) ($51 target) (Lightning Round)
Alcan (AL) (RealMoney Radio)
Alcoa (AA) (RealMoney Radio)
Allstate (ALL) (featured on Mad Money)
Altria (MO) ($100 target) (Lightning Round)
Arena Pharmaceuticals (ARNA) (Lightning Round)
Barnes & Noble (BKS) (RealMoney Radio)
Bear Stearns (BSC) (RealMoney Radio)
Bed Bath & Beyond’s (BBBY) (RealMoney Radio)
Best Buy (BBY) ($59 target) (RealMoney Radio)
Best Buy (BBY) (Lightning Round)
Biogen Idec (BIIB) (Lightning Round)
Ciena (CIEN) (Lightning Round)
Citrix (CTXS) (RealMoney Radio)
Continental Airlines (CAL) (Lightning Round)
Garmin (GRMN) (RealMoney Radio)
General Motors (GM) ($30 target) (Lightning Round)
General Motors (GM) ($30 target) (mentioned on Stop Trading!)
Goldman Sachs (GS) (RealMoney Radio)
Inco’s (N) (mentioned on Stop Trading!)
LifeCell (LIFC) (Lightning Round)
LoopNet (LOOP) (Lightning Round)
Manulife Financial (MFC) (mentioned on Mad Money)
McDermott International (MDR) ($50 target) (Lightning Round)
MetLife (MET) (mentioned on Mad Money)
Micron Technology (MU) (Lightning Round)
Mitsubishi UFJ Financial (MTU) (Lightning Round)
Prudential (PUK) (mentioned on Mad Money)
Qualcomm (QCOM) (Lightning Round)
Qualcomm (QCOM) (RealMoney Radio)
Rite Aid (RAD) (mentioned on Stop Trading!)
Rite Aid (RAD) (RealMoney Radio)
Sealy (ZZ) (featured on Mad Money)
Sears (SHLD) (mentioned on Mad Money)
Southern Copper (PCU) (Lightning Round)
Trinity Industries (TRN) (CEO interview on Mad Money)
UBS (UBS) ($120 target) (Lightning Round)
URS (URS) (RealMoney Radio)
Valero Energy (VLO) (Lightning Round)
VF Corp (VFC) (Lightning Round)
Whirlpool (WHR) (featured on Mad Money)

Bearish
Allegheny Technologies (ATI) (buy on weakness) (RealMoney Radio)
Amazon.com (AMZN) (RealMoney Radio)
Coherent (COHR) (Lightning Round)
eBay (EBAY) (RealMoney Radio)
Elan (ELN) (Lightning Round)
Electronic Arts (ERTS) (buy at $35) (Lightning Round)
Hansen Natural (HANS) (Lightning Round)
L-3 Communications (LLL) (RealMoney Radio)
Oracle (ORCL) (RealMoney Radio)
Peru Copper (CUP) (Lightning Round)
Under Armour (UARM) (Lightning Round)
Western Refining (WNR) (Lightning Round)

Having trouble writing down all of Cramer’s picks?
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Stocks closed lower after the yield on the benchmark 10-year note touched a more than four-year high and new data once again suggested that economic growth is slowing. Stocks erased nearly all of the previous session’s gains, as inflation fears took hold of investors once again.

Today, the Dow Jones Industrial average closed down 60.35 or 0.5% to 11,019.11, the broader Standard & Poor’s 500 index closed down 6.60 or 0.5% to 1,245.60, and the tech-heavy Nasdaq composite index closed down 18.22 or 0.9% to 2,122.98.

Market breadth was negative and volume was relatively light. On the New York Stock Exchange, decliners topped advancers by a margin of two to one on volume of 1.4 billion shares. On the Nasdaq, losers beat winners by a margin of 17 to 12 as 1.7 billion shares changed hands.

The market is likely to remain in a tight band till the Jun 28 meeting. Investors won’t be surprised if the Fed lifts its key short-term interest rate to 5.25%. However, a very small number of companies have warned ahead of the second-quarter earnings season. Therefore, the tone for earnings looks very positive, and that’s going to provide some support. The yield on the benchmark 10-year Treasury note ran up to 5.2%

The index of U.S. leading economic indicators fell 0.6% against the expected 0.4% drop. This suggests that the economy is likely to grow at a “slow to moderate” pace in the near term. The latest weekly jobless data brought out that first-time applications for state unemployment benefits rose by 11,000 to 308,000. Though the increase was bigger than expected, new claims near the 300,000 level are still a sign of a tight job market.

Shares of Johnson & Johnson and Boston Scientific Corp. moved lower on a news report that several major cardiology centers are cutting back on their use of drug-coated coronary stents, using less expensive uncoated stents instead. Cardiologists at Los Angeles’ Cedars-Sinai and Boston’s Brigham and Women’s report they are inserting fewer drug-coated stents into cardiac patients due to concerns that the devices can cause blood clots. J&J shares closed almost 1% lower at $61.18 while shares of Boston Scientific dropped 2.6%.

Investors today focused on the airline sector. Shares of British Airways PLC. tumbled 6% to $63.70 after the company disclosed U.K. regulatory authorities and the U.S. Department of Justice are probing the airline over ticket prices and fuel surcharges. United Airlines confirmed that it’s received an inquiry and is cooperating. American Airlines said it has been subpoenaed but is not a target. United Airlines’ closed down 19 cents at $32.03 while AMR shares rose 1.4% to $25.97.

Shares of Bed, Bath & Beyond fell $2.21 or 6% to $34.67 after the retailer’s fiscal first-quarter profit edged up, roughly in line with expectations, but Bear Stearns downgraded the home goods retailer to “peer perform” from “outperform”.

Shares in Novell Inc. surged 8.7% to $6.52 after the computer-networking company ousted its chief executive and chief financial officer, saying new leadership may help lift its share price out of the doldrums. Yum Brands Inc. owner and operator of the KFC, Pizza Hut and Taco Bell fast-food chains, saw its shares fall more than 2.6% after investors expressed disappointment over its same-store sales performance in the U.S.

Brokerage action was behind a more than 10% drop in shares of RealNetworks Inc. down $1.11 to $9.72. Goldman Sachs cut the provider of digital media services and software to under-perform from in-line, citing valuation. The broker also said revenue growth could be tempered by the lower-average revenue per user and profit generated by cable subscribers from the Comcast and Cox agreements as well as competition from well-funded players.

Cell phone maker Nokia has decided that it would stop making phones based on CDMA, which is a cell phone standard developed by the wireless technology company. This led to a drop in share price if Qualcomm that closed down $2.82 or over 6% to $41.38.

Crude-oil futures rose 51 cents to $70.84 a barrel on the New York Mercantile Exchange. Prices took their cue from data showing a smaller-than-expected increase in gasoline supplies in the latest week.

All the best,
Manuel Jesus-Backus
The Portfolio Crafter

We have done our best to record the calls for you, but remember that the shows are fast moving, and sometimes Cramer bangs on the sell! sell! sell!, bull roar, train wreck, suicide jump, hallelujah chorus, backing up truck, creepy house of pain voice, machine gun, fanfare, toilet flush, all aboard, applause, cash register, bear growl, bowling pins, and submarine diving alarm buttons all at once, while he is screaming.

Please do your own research, and verify all information before acting on it. This summary of Cramer’s picks is not intended to replace watching the shows, where his comments about the stocks often include advice about entry and exit points.

Bullish
Aeropostale’s (ARO) (mentioned on Mad Money)
Agilent Technologies (A) (Lightning Round)
Altria (MO) (mentioned on Mad Money)
Bank of America (BAC) (Lightning Round)
Bear Stearns (BSC) (RealMoney Radio)
Bed Bath & Beyond (BBBY) (RealMoney Radio)
Best Buy (BBY) (mentioned on Stop Trading!)
BHP Billiton (BHP) (mentioned on Mad Money)
CBIZ (CBIZ) (mentioned on Mad Money)
Chesapeake Energy (CHK) ($34 target) (Lightning Round)
Chevron (CVX) (Lightning Round)
Circuit City (CC) (Lightning Round)
ConocoPhillips (COP) (mentioned on Mad Money)
Darden (DRI) (mentioned on Stop Trading!)
Darden Restaurants’ (DRI) (RealMoney Radio)
Deutsche Telekom (DT) (mentioned on Mad Money)
Dow Chemical (DOW) (mentioned on Mad Money)
Dow Chemical (DOW) (mentioned on Mad Money)
EarthLink (ELNK) (RealMoney Radio)
EuroZinc Mining (EZM) (mentioned on Mad Money)
FedEx (FDX) (mentioned on Stop Trading!)
FedEx (FDX) (RealMoney Radio)
Frontline (FRO) ($40 target) (Lightning Round)
Garmin (GRMN) (wait for pullback) (RealMoney Radio)
Goldman Sachs (GS) (RealMoney Radio)
Google (GOOG) (mentioned on Mad Money)
Helmerich & Payne (HP) (Lightning Round)
Hewlett-Packard (HPQ) (RealMoney Radio)
Hilton Hotels (HLT) (Lightning Round)
Home Depot (HD) (mentioned on Mad Money)
Johnson & Johnson (JNJ) (mentioned on Mad Money)
Johnson & Johnson (JNJ) (RealMoney Radio)
KB Home (KBH) (Lightning Round)
Lehman Brothers (LEH) (RealMoney Radio)
MasterCard’s (MA) (RealMoney Radio)
Microchip Technology (MCHP) (Lightning Round)
Microsoft (MSFT) (RealMoney Radio)
Morgan Stanley (MS) (mentioned on Stop Trading!)
Morgan Stanley (MS) (RealMoney Radio)
Motorola (MOT) (mentioned on Mad Money)
Motorola (MOT) (RealMoney Radio)
Nektar Therapeutics (NKTR) (mentioned on Mad Money)
Occidental Petroleum (OXY) (RealMoney Radio)
Openwave Systems (OPWV) (Lightning Round)
Palomar Medical Technologies (PMTI) (mentioned on Mad Money)
Qualcomm (QCOM) (Lightning Round)
Qualcomm (QCOM) (mentioned on Mad Money)
Research In Motion (RIMM) (featured on Mad Money)
Rite Aid (RAD) ($6 target) (Lightning Round)
Seagate Technology (SXT) (mentioned on Mad Money)
Sirona Dental (SIRO) (featured on Mad Money)
Talisman Energy (TLM) ($18 target) (Lightning Round)
Texas Instruments (TXN) (Lightning Round)
Trinity (TRN) (Lightning Round)
Viasys Healthcare (VAS) (featured on Mad Money)
Vital Signs (VITL) (featured on Mad Money)

Bearish
Alliance Resource Partners (ARLP) (Lightning Round)
American Railcar (ARII) (Lightning Round)
Barr Labs (BRL) (mentioned on Stop Trading!)
Cincinnati Bell (CBB) (mentioned on Mad Money)
Dell (DELL) (RealMoney Radio)
Eagle Materials (EXP) (Lightning Round)
Exxon (XOM) (RealMoney Radio)
Ford Motor (F) (Lightning Round)
IBM (IBM) (RealMoney Radio)
Joy Global (JOYG) (RealMoney Radio)
LifeCell (LIFC) (mentioned on Mad Money)
Morgans Hotel (MHGC) (Lightning Round)
Quantum (DSS) (mentioned on Mad Money)
Silicon Image (SIMG) (Lightning Round)
Taiwan Semiconductor Manufacturing (TSM) (Lightning Round)
Teva (TEVA) (mentioned on Stop Trading!)
Toll Brothers (TOL) (Lightning Round)
U.S. Bancorp (USB) (Lightning Round)
Xerox (XRX) (RealMoney Radio)

Having trouble writing down all of Cramer’s picks?
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Stocks locked in strong gains after investors cheered Morgan Stanley and FedEx Corp.’s strong earnings reports. They set aside recent worries about the Federal Reserve’s interest-rate decision next week. News that crude-oil supplies hit an eight-year high last week also gave the market some relief. The Dow Jones industrial average rose over 100 points while the broader market posted solid gains.

Today, the Dow closed up 104.62 or 1% to 11,079.46, the broader Standard & Poor’s 500 index closed up 12.08 or 1% to 1,252.20, while the tech-heavy Nasdaq composite closed up 34.14 or 1.6% to 2,141.20.

Market breadth was positive. On the New York Stock Exchange, advancers beat decliners by a margin of three to one on volume of 1.7 billion shares. On the Nasdaq, winners topped losers by more than two to one as 1.9 billion shares changed hands.

Investors have been concerned over rates, inflation and the slowing economy. The volatility in the markets is likely to persist until the Federal Reserve’s policy meeting June 28-29. Investors remain convinced that the Fed almost certainly will again lift rates by a quarter-percentage point, which would lift the overnight rate to 5.25%.

The star of the day was DuPont that closed up $1.70 or 4% to $41.94, after news of a partnership with BP Plc to develop a gasoline additive meant to compete with corn-based ethanol.. Stock of BP closed up $1.31 to $67.01. Development of transportation bio-fuels could help cut overall greenhouse gas emissions and reduce reliance on petroleum. The companies plan to roll out their first product next year.

Stock of Morgan Stanley closed up 4.3% at $59.48. The brokerage reported a second-quarter profit that was more than double the year-earlier level and easily topped market expectations. It also chalked up a 48% improvement in revenue.

FedEx closed up $5.54 or 5.1% to $113.86, after reporting a 27% increase in its fourth-quarter profit. This is far better than market expectations. The company also gave first-quarter guidance above current analysts’ forecasts.

Among technology stocks, Hewlett-Packard Co. rose 2.7% to $33.74. The company said that it would grant more autonomy to its three business groups. Analysts at Robert Baird reiterated an outperform rating on the company, citing the company’s plan to restructure some activities.

Oil prices jumped 99 cents to $70.33 a barrel on the New York Mercantile Exchange after the Energy Information Administration said that crude supplies rose by 1.4 million barrels reaching a total of 347.1 million barrels. However, motor-gasoline inventories rose a modest 300,000 barrels to total 213.4 million barrels. Additionally, concerns about nuclear tensions between the west and Iran and North Korea added fuel to fire.

All the best,
Manuel Jesus-Backus
The Portfolio Crafter

We have done our best to record the calls for you, but remember that the shows are fast moving, and sometimes Cramer bangs on the sell! sell! sell!, bull roar, train wreck, suicide jump, hallelujah chorus, backing up truck, creepy house of pain voice, machine gun, fanfare, toilet flush, all aboard, applause, cash register, bear growl, bowling pins, and submarine diving alarm buttons all at once, while he is screaming.

Please do your own research, and verify all information before acting on it. This summary of Cramer’s picks is not intended to replace watching the shows, where his comments about the stocks often include advice about entry and exit points.

Bullish
Amgen (AMGN) (Lightning Round)
Bear Stearns (BSC) (featured on Mad Money)
Blockbuster (BBI) (RealMoney Radio)
Cemex (CX) (RealMoney Radio)
Darden Restaurants (DRI) (CEO interview on Mad Money)
Diageo (DEO) ($75 target) (Lightning Round)
Dow Chemical (DOW) (RealMoney Radio)
Dresser-Rand Group (DRC) (RealMoney Radio)
Foster Wheeler (FWLT) (RealMoney Radio)
General Mills (GIS) (mentioned on Stop Trading!)
General Mills (GIS) (RealMoney Radio)
Goldman Sachs (GS) (featured on Mad Money)
Goldman Sachs (GS) (Lightning Round)
Grey Wolf (GW) (Lightning Round)
Halliburton (HAL) (Lightning Round)
Heico (HEI) (featured on Mad Money)
Hilton (HLT) (featured on Mad Money)
Home Depot (HD) (RealMoney Radio)
ICICI Bank (IBN) (RealMoney Radio)
Johnson & Johnson (JNJ) (RealMoney Radio)
Lehman Brothers (LEH) (featured on Mad Money)
Martek Biosciences (MATK) (Lightning Round)
McDonald’s (MCD) (mentioned on Stop Trading!)
Moog (MOG.A) (featured on Mad Money)
Morgan Stanley (MS) (mentioned on Stop Trading!)
Motorola (MOT) (mentioned on Stop Trading!)
National Oilwell Varco (NOV) (RealMoney Radio)
Pioneer Drilling (PDC) (Lightning Round)
Pitney Bowes (PBI) (RealMoney Radio)
Progressive (PGR) (Lightning Round)
Schering-Plough (SGP) (RealMoney Radio)
Scientific Games (SGMS) (Lightning Round)
Southern (SO) (Lightning Round)
TD Ameritrade (AMTD) (RealMoney Radio)
TECO Energy (TE) (Lightning Round)
Tellabs (TLAB) (Lightning Round)
Tellabs (TLAB) (mentioned on Stop Trading!)
Triumph Group (TGI) (featured on Mad Money)
URS (URS) (RealMoney Radio)
Votorantim Celulose e Papel (VCP) (Lightning Round)

Bearish
BHP Billiton (BHP) (RealMoney Radio)
Gaiam (GAIA) (Lightning Round)
Geron (GERN) (Lightning Round)
Microsoft (MSFT) (Lightning Round)
Nortel (NT) (RealMoney Radio)
Northern Trust (NTRS) (Lightning Round)
Sonus Networks (SONS) (Lightning Round)
Steven Madden (SHOO) (Lightning Round)
Usana Health Sciences (USNA) (Lightning Round)
Vonage (VG) (RealMoney Radio)

Having trouble writing down all of Cramer’s picks?
Free daily recap newsletter to your inbox

Blue-chip stocks closed slightly higher as upbeat reports on the housing industry and strong sales from Caterpillar helped overshadow inflation jitters on Wall Street. However, investors continue to be worried about next week’s Federal Reserve policy meeting and as a result, the broader market couldn’t hold early gains.
 
Today, the Dow Jones industrial average closed up 32.73 or 0.3% to 10,974.84, the broader Standard & Poor’s 500 index closed down 0.02 to 1,240.12, and the Nasdaq composite index closed down 3.36 or 0.2% to 2,107.06.
 
Market breadth was negative. On the New York Stock Exchange, decliners edged out advancers 9 to 7 on volume of 1.5 billion shares. On the Nasdaq, losers narrowly beat winners by 16 to 13 as 1.6 billion shares changed hands.
 
The Commerce Department data showed a stronger-than-expected 5% rise in the construction of new homes in May. Despite this slight relief from the housing numbers, the path of least resistance appears to be a downside. The investors are continuing to drift and will do so till the Fed meet on June 28 and 29 to review the economy and monetary policy. The Fed is widely expected to raise its short-term rate target to 5.25%, and some investors say that they could push that to near 6%. The overriding issue for investors is how to reconcile what appears to be slowing growth with the Fed’s concern about inflation and the need to raise interest rates.
 
Caterpillar was the star of the day. The share closed up $1.04 or 1.5% to $70.99, after the heavy equipment maker reported strong dealer retail sales. The company stated that the sale of engines to dealers rose in the March-through-May period, with demand especially noteworthy in the marine and oil and gas industries.
 
Kroger Co. posted a 4% rise in first-quarter profit, although the supermarket operator said charges related to legal proceedings at its Ralph’s unit cut earnings by 3 cents a share in the 2006 first quarter. The stock closed up $1.01 or 5% to $20.47. Shares of Target Corp. closed down $0.06 to $49.04, after the retailer said same-store sales for the five weeks to July 1 were on pace to hit the upper range of its forecast 3% to 5%.
 
J.M. Smucker Co. posted higher fourth-quarter profit and sales, helped by improved profitability in its frozen-sandwich business and lower restructuring, and merger and integration costs. The stock surged about 7.2% to $43.30.
 
J.P. Morgan has upgraded discount retailer Costco Wholesale Corp. to “overweight” from “neutral.” This sent the stock up $1.33 or 2.5% to $54.88. J.P. Morgan Chase expects the company’s same-store sales in the second half of the year to outpace its competitors.
 
Shares of Applied Materials closed up $0.14 or almost 1% to $16.45, after Prudential Equity Group raised its rating to “overweight” from “neutral.” It expects the semiconductor industry to increase capacity by more than 10% in the second half of 2006. It also expects Applied Materials improved product portfolio to stabilize market-share losses.
 
Morgan Stanley initiated JetBlue Airways with an overweight rating. The stock climbed 6.3% to $12.25. Morgan Stanley said JetBlue’s revenue will surprise on the upside this summer, while a new focus on efficiency is leading a push to reduce costs in 2006.
 
Crude-oil futures for July delivery gained 36 cents to settle at $69.34 a barrel on New York Mercantile Exchange.

All the best,
Manuel Jesus-Backus
The Portfolio Crafter

We have done our best to record the calls for you, but remember that the shows are fast moving, and sometimes Cramer bangs on the sell! sell! sell!, bull roar, train wreck, suicide jump, hallelujah chorus, backing up truck, creepy house of pain voice, machine gun, fanfare, toilet flush, all aboard, applause, cash register, bear growl, bowling pins, and submarine diving alarm buttons all at once, while he is screaming.

Please do your own research, and verify all information before acting on it. This summary of Cramer’s picks is not intended to replace watching the shows, where his comments about the stocks often include advice about entry and exit points.

Bullish
AAR (AIR) (mentioned on Mad Money)
Advanced Micro Devices (AMD) (wait for back-to-school) (RealMoney Radio)
Akamai (AKAM) (mentioned on Mad Money)
Alcoa (AA) (RealMoney Radio)
Allegheny Technologies (ATI) (Lightning Round)
BHP Billiton (BHP) (on pullback) (Lightning Round)
Boeing (BA) (mentioned on Mad Money)
Chevron (CVX) (Lightning Round)
Ciena (CIEN) (RealMoney Radio)
Companhia Vale do Rio Doce (RIO) (Lightning Round)
Conexant (CNXT) (RealMoney Radio)
ConocoPhillips (COP) (Lightning Round)
Consol Energy (CNX) (Lightning Round)
Continental Airlines (CAL) (featured on Mad Money)
Corning (GLW) (RealMoney Radio)
Crystallex International (KRY) (speculative) (RealMoney Radio)
Disney (DIS) (Lightning Round)
DSU (JDSU) (next quarter) (RealMoney Radio)
Grey Wolf (GW) (Lightning Round)
Halliburton (HAL) (Lightning Round)
Halliburton (HAL) (RealMoney Radio)
Hewlett-Packard (HPQ) (mentioned on Stop Trading!)
J. Crew (hot IPO next week) (Lightning Round)
J. Crew (hot IPO next week) (mentioned on Mad Money)
K.B. Home (KBH) (RealMoney Radio)
MasterCard (MA) (mentioned on Mad Money)
McDonald’s (MCD) (RealMoney Radio)
Nabors (NBR) (Lightning Round)
Nokia (NOK) (Lightning Round)
Nvidia (NVDA) (RealMoney Radio)
Peru Copper (CUP) (buy at $4) (RealMoney Radio)
Schering-Plough (SGP) (RealMoney Radio)
Schlumberger (SLB) (Lightning Round)
Sealy (ZZ) (Lightning Round)
Sirius (SIRI) (mentioned on Stop Trading!)
Smith Micro Software (SMSI) ($16 target) (Lightning Round)
Starbucks (SBUX) (RealMoney Radio)
Texas Instruments (TXN) (mentioned on Stop Trading!)
Whole Foods (WFMI) (RealMoney Radio)
Yum! Brands (YUM) (RealMoney Radio)

Bearish
Gap (GPS) (mentioned on Stop Trading!)
Hercules Offshore (HERO) (Lightning Round)
Nektar Therapeutics (NKTR) (sell at $21) (Lightning Round)
Nortel Networks (NT) (RealMoney Radio)
Tekelec (TKLC) (Lightning Round)
Titanium Metals (TIE) (Lightning Round)
TXU (TXU) (buy at $55) (Lightning Round)
Urban Outfitters (URBN) (mentioned on Mad Money)
Vonage (VG) (mentioned on Mad Money)
Wal-Mart (WMT) (RealMoney Radio)
XM (XMSR) (mentioned on Stop Trading!)
XTO Energy (XTO) (Lightning Round)

Having trouble writing down all of Cramer’s picks?
Free daily recap newsletter to your inbox

Stocks closed lower with the S&P 500 turning negative for the year, after a Federal Reserve official’s remarks reinforced market expectations that the Fed will keep lifting interest rates. Adding fuel to fire was the weak housing-sentiment data, while a pullback in energy and metals prices sparked a sell-off in commodity-related shares.

Today, the Dow Jones industrial average closed down 72.44 or 0.7% to 10,942.11, the broader Standard & Poor’s 500 index closed down 11.40 or 0.9% to 1,240.14, and the tech-heavy Nasdaq composite closed down 19.53 or 0.9% to 2,110.42.

Market breadth was negative. On the New York Stock Exchange, decliners topped advancers by three to one on volume of 1.5 billion shares. On the Nasdaq, losers also beat winners by a margin of more than two to one as 1.7 billion shares changed hands.

Atlanta Federal Reserve President Jack Guynn, who is one of the voting members of the Federal Open Market Committee that sets Fed rates, said that core inflation has moved beyond the upper end of its comfort range. This is an indication of a coming increase in rate. Therefore, investors are likely to behave pessimistically ahead of the Fed’s June 29 monetary policy meeting. Additionally, the National Association of Home Builders’ June index dropped four points to 42, which indicates that business conditions are far from good. A housing market that continues to pull back at this pace means we run a greater risk of recession.

hares of Circuit City shares closed down $0.85 or 2.9% at $28.63. This is despite reporting a quarterly profit compared to a loss a year earlier. The home-electronics retailer is forecasting fiscal-year net sales growth of 7% to 11% and domestic same-store sales growth of 5% to 7%. The forecast is based on continued sales of items such as flat-panel-television sets, notebook computers, portable music players and related accessories.

UBS has upgraded Intel to “buy” from “neutral” on expectations of positive trends for gross and operating margin and Lehman Brothers upgraded Procter and Gamble to “overweight” from “equal-weight. Shares of Intel Corp. closed down 8 cents lower at $18.21. Shares of P&G closed down $0.15 to $54.87.

Shares of Nokia Corp. rose 12 cents to $20.09 after the Finnish mobile-phone giant and Germany’s Siemens AG agreed to merge their phone-equipment arms into a 50-50 joint venture. U.S.-listed shares of Siemens shot up more than 5.1% to $83.90. The tie-up of the two units will create a company roughly equal in size to rival Ericsson of Sweden, and to the firm that will emerge when the Lucent Technologies merger with Alcatel is completed.

Shares of Alberto-Culver Co. rallied nearly 2.4% to $47.61 after it said that it planned to spin off its beauty-supply-distribution business, Sally Beauty Co. As part of the plan, the company would pay out a special one-time cash dividend of $25 a share once the deal is completed. Additionally, Swiss-food Nestle SA said that it will buy weight-loss company Jenny Craig for $600 million.

Oil prices closed $1.23 lower at $68.65 a barrel on the New York Mercantile Exchange after major oil exporter Iran said there was a positive atmosphere in the dispute over its atomic work. This raised hopes for a breakthrough in its nuclear standoff with the West.

All the best,
Manuel Jesus-Backus
The Portfolio Crafter

We have done our best to record the calls for you, but remember that the shows are fast moving, and sometimes Cramer bangs on the sell! sell! sell!, bull roar, train wreck, suicide jump, hallelujah chorus, backing up truck, creepy house of pain voice, machine gun, fanfare, toilet flush, all aboard, applause, cash register, bear growl, bowling pins, and submarine diving alarm buttons all at once, while he is screaming.

Please do your own research, and verify all information before acting on it. This summary of Cramer’s picks is not intended to replace watching the shows, where his comments about the stocks often include advice about entry and exit points.

Bullish
Aeropostale (ARO) (featured on Mad Money)
Allegheny Technologies (ATI) (Lightning Round)
Amgen (AMGN) (RealMoney Radio)
Apple Computer (AAPL) (RealMoney Radio)
Bank of America (BAC) (buy on pullback) (RealMoney Radio)
Barnes &Noble (BKS) (RealMoney Radio)
Bear Stearns (BSC) (mentioned on Mad Money)
Bed, Bath & Beyond (BBBY) (mentioned on Mad Money)
Best Buy (BBY) (mentioned on Mad Money)
Best Buy (BBY) (RealMoney Radio)
Boeing (BA) (RealMoney Radio)
Caterpillar (CAT) (mentioned on Mad Money)
Caterpillar (CAT) (RealMoney Radio)
Energy Partners (EPL) (mentioned on Mad Money)
FedEx (FDX) (mentioned on Mad Money)
General Dynamics (GD) (Lightning Round)
General Mills (GIS) (mentioned on Mad Money)
GlaxoSmithKline (GSK) (RealMoney Radio)
Goldman Sachs (GS) (mentioned on Mad Money)
Harris (HRS) (Lightning Round)
KB Homes (KBH) (mentioned on Stop Trading!)
Martek (MATK) (mentioned on Stop Trading!)
MasterCard (MA) (RealMoney Radio)
Merrill Lynch (MER) (Lightning Round)
Nabors (NBR) (RealMoney Radio)
Network Appliance (NTAP) (Lightning Round)
Network Appliance (NTAP) (RealMoney Radio)
Newcastle Investment (NCT) (Lightning Round)
Nucor (NUE) (Lightning Round)
Old Republic International (ORI) (Lightning Round)
Palm (PALM) (RealMoney Radio)
Pepsi (PEP) (mentioned on Mad Money)
Pepsi (PEP) (RealMoney Radio)
Quest Diagnostics (DGX) (Lightning Round)
Qulacomm (QCOM) (Lightning Round)
Ralcorp (RAH) (mentioned on Mad Money)
Royal Caribbean (RYL) (mentioned on Stop Trading!)
Smith & Wesson (SWB) (Lightning Round)
Staples (SPLS) (Lightning Round)
Starbucks (SBUX) (mentioned on Mad Money)
Talisman Energy (TLM) (mentioned on Mad Money)
Trinidad Energy Services Income (TDG.UN) (mentioned on Mad Money)
Triumph Group (TGI) (Lightning Round)

Bearish
Advanced Micro Devices (AMD) (Lightning Round)
Amazon.com (AMZN) (RealMoney Radio)
Cisco (CSCO) (RealMoney Radio)
EMC (EMC) (Lightning Round)
Intel (INTC) (RealMoney Radio)
Juniper (JNPR) (Lightning Round)
Microsoft (MSFT) (RealMoney Radio)
Mittal Steel (MT) (Lightning Round)
Sirius Satellite Radio (SIRI) (Lightning Round)
Syngenta (SYT) (Lightning Round)
Titanium (TIE) (RealMoney Radio)
Univision Communications (UVN) (Lightning Round)
Urban Outfitters (URBN) (RealMoney Radio)

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Stocks ended lower today and mixed on the week after a two-day run of gains helped put a brake on a month and a half of heavy selling that was sparked by inflation and interest-rate fears. It is evident that investors have remained cautious, preferring the safety of blue-chip stocks over riskier shares.

Today, the Dow closed down 0.64 to 11,014.55, the broader Standard & Poor’s 500 index closed down 4.62 or 0.4% to 1,251.54, and the Nasdaq composite index closed down 14.20 or 0.7% to 2,129.95. For the week, the Dow gained 1. 1%, the S&P was flat, and the Nasdaq fell 0.2%.

Market breadth was negative. On the New York Stock Exchange, decliners topped advancers by a margin of two to one on volume of 2 billion shares. On the Nasdaq, losers also beat winners by a margin of two to one as 2.5 billion shares changed hands.

The market needs to get a better feel on the course the Federal Reserve is going to take on interest rates, and that is unlikely to come until the central bank meets at the end of June. The inflation is picking up, and that means further rate increases beyond June. It is likely that the market will be stuck in a trading range for the summer, with some further upside probing over the next few weeks.

Gasoline and oil prices may be adding to inflation pressures in a way the current data haven’t detected. However, statistical studies to detect pass- through from recent energy-price increases have failed to show significant effects in U.S. price data, but stories about widespread pass-through are becoming increasingly common. On the other hand, the Fed chairman had said that high energy and commodity prices may account for a recent pickup in core inflation, but he also said the rate of pass-through of these higher prices to core consumer-price inflation appears to have remained low in the current episode. This has been confusing to say the least.

In data news that supports the first assessment, U.S. consumer sentiment improved in early June, with the UMich consumer sentiment index rising to 82. 4 points. Also, the U.S. balance-of-payments deficit narrowed in the first quarter to $208.7 billion from $223.1 billion in the fourth quarter, against the expected reduction to about $221 billion.

Microsoft Corp. shares ticked up 3 cents to $22.10. Its Chairman Bill Gates made a surprise announcement that he would be leaving day-to-day responsibilities at the company in two years to concentrate on his charitable foundation the Bill and Melinda Gates Foundation. He is immediately handing over his role as chief software architect to Chief Technology Officer Ray Ozzie.

Shares of Oracle Corp. gained 3.6% to $14.19 after the company said sales for the quarter ended in May rose 25% from a year earlier, to $4.85 billion. Oracle had previously forecast a rise of 13% to 17%. The software giant attributed the performance to better-than-expected sales of new software licenses.

Shares of Adobe Systems Inc. rose 16 cents to $29.12. Although the design- software company posted an 18% fall in quarterly profit and cuts its earnings outlook, two brokers upgraded the company. RBC Capital Markets said any downside to current earnings estimates is reduced, with the broker also excited about revenue opportunities ahead of the company’s first large product upgrade cycle.

Home builder KB Home closed up $0.37 to $45.47, after reporting better than expected second quarter earnings. However, it lowered its guidance for 2006 due to the slowing new-home demand and a rise in new and existing-home supplies. It reported a 14% profit improvement for the May 31-ending quarter, above consensus analyst forecasts.

Oil prices made modest gains. U.S. crude for July delivery rose 38 cents to settle at $69.88 a barrel on the New York Mercantile Exchange. Traders weighed the conflicting views on inflation from Fed officials and the latest developments regarding Iran’s nuclear research.

All the best,
Manuel Jesus-Backus
The Portfolio Crafter