Stock Tickers: OS, RS, NUE
On tonight’s MAD MONEY segment on CNBC, Jim Cramer discussed more about takeovers to find the next oregon Steel (OS) or takeover play.
He Reliance Steel (RS) is still cheap, with a considerable rolled and stainless steel that is still in short supply. Cramer said this could be one of the smaller ones like this could be bought, but he thinks Nucor (NUE) won’t be bought. RS could be the next buyout according to him.
He would hold a hearing about who lost Oregon Steel. He thinks the WSJ publishing a steel glut that kept you out of this name. Anyway, he will go on and on but he thinks RS is the next steel buyout potential.
RS has a $2.7 Billion market cap; 52-week trading range of $28.43 to $49.75. It closed up 5.7% at $35.55 in normal trading and traded up another 4% to $37.15 in after-hours trading after Cramer touted it. If the trailing P/E is accurate it looks like RS only trades at 7.5 times earnings and 7-times DEC 2007 earnings.
Jon C. Ogg
November 20, 2006
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