Jim Cramer talked about refiners and an IPO on today’s STOP TRADING segment on CNBC.  He says he is shifting from a Buy to a Sell on the refiners because margins may have peaked.  He does not think margins will collapse at all, but it’s time to take some off the table.  Valero (VLO) at $74 is one he’s had enough with.  Chevron (CVX) is one that he’s had enough of.  JMP Securities (JMP), the boutique investment banking firm IPO from today, is one that he thinks is a great investment banking niche that you can play.  You can buy into it as a great firm.

Jon C. Ogg
May 11, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.