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Jim Cramer Steps Into Financials And Buys Morgan Stanley (MS)
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Yesterday, Jim Cramer picked up some shares of Morgan Stanley (NYSE: MS) for his ActionAlertsPlus.com fund. Additionally, Cramer bought more shares of Morgan Stanley on weakness in the market today.
Jim said he believes Morgan Stanley is a good quality name that is on sale. He thinks the stock is cheap and is only trading at 1.7 tang book and 7.1 times 2009 earnings. Cramer likes management and believes Morgan Stanley is focusing on earning profits in every business unit. He also noted that the brokerage and asset management businesses are doing well.
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