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Squawk on the Street

Cramer's Morning Take: Abbott Labs 5/29/24

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 29 May 2024

⏱️ 4 minutes

🧾️ Download transcript

Summary

Jim and Jeff discuss why they’re adding to this health care stock. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake CNBC Investing Club Disclaimer

Transcript

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0:00.0

Jim Kramer here to share with you a sample of my take on the market from today's

0:07.0

CNBC Investing Club morning meeting.

0:09.0

This morning, when we got a 9-1-1 down, the late Mark Haynes, and I don't know how many

0:14.0

of you were able to watch Mark, but Mark, particularly at the beginning of when I moved over,

0:19.0

did a huge amount of charting, a huge

0:21.2

amount of work on individual stocks. At that point, he was allowed to own individual stocks and

0:25.3

really did encourage him. And he always said to me, Jim, if there's one thing that is certain,

0:30.2

at 9 to 1, you'll buy. And he always put it the same way. You find something. And I think

0:36.9

that we have been true to Mark's words this morning. And I think that we have been true to Mark's

0:39.0

words this morning. Yeah, I think we've been true to his words for many, many years. But yeah,

0:43.9

this morning we added to Abbott Labs, which is obviously, like, health care very out of favor.

0:50.8

Abbott Labs out of favor company specific issue. They do Yes, because of a tangential tie-up with J&J, J&J has a massive number of lawsuits.

1:01.0

This has a very small number.

1:03.0

And I think that all drug firms at one time or another are faced with what Abbott is, but

1:07.0

where J&J is very special.

1:09.0

Right, that's J&J is TALC. Abbott is Baby but J&J is very special. Right. That's J&J is talc.

1:11.4

Abbott is baby formula, which is a medical need.

1:15.3

It's a prescription, but this is a failure to warn situation, resulting back to a loss by

1:21.1

wreck at Ben Keiser.

1:22.3

Which is not as good a company, for sure.

1:25.1

But, no, not at all.

1:26.5

But Abbott, I mean, one of the fastest growing companies in

...

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