Monday Morning Musings

Morning News of Note:

• VG: How Vonage's High-Profile IPO Stumbled on the Stock Market The initial public offering of Vonage Holdings Corp. is shaping up as a classic case study in how not to go public. It's not just that the stock, one of the year's high-profile market debuts, has tumbled about 30% since its May 24 launch on the New York Stock Exchange. (Full Story) WSJ
• CY: Sunny View of Cypress BEFORE I BECAME a Barron's writer of modest renown, I was a modest analyst at a hedge fund. And before that, I was a Barron's writer, so maybe I just dreamed the hedge fund part. Isn't life a dream? In this dream -- or was it a nightmare? -- one of my best sources on the computer industry of the early '90s was T.J. Rodgers, the boss of Cypress Semiconductor (ticker: CY). (Full Story) BARRONS
• DIS: Does 'Cars' Have Wheels? Since Walt Disney Co. forked out a hefty $7.4 billion to buy Pixar Animation Studios, the big question has been whether the cutting-edge studio -- creator of such blockbusters as "Finding Nemo" and "Toy Story" -- can keep churning out hits. The first big test comes next Friday, with the release of Pixar's latest movie, "Cars." Walt Disney has a lot riding on the seventh movie to emerge from animation's hottest studio. "Cars" is one of two big releases -- along with "Pirates of the Caribbean: Dead Man's Chest" -- that Disney is betting on to revive its movie fortunes this summer. (Full Story) WSJ
• AAPL: Apple plans to open a large retail store this Fall in Italy-AppleInsider.com: Apple Computer (AAPL) plans to open a large retail store this Fall in Ponte di Nona, AppleInsider has learned. People familiar with the expansion plans say the store is expected to open in September and is currently under construction. The sources also say that Apple is planning to host performances by several local artists, which will help to generate foot traffic and promote local artists
• Mad Money Summary: Cramer opened his show Friday night saying that each Friday night he will give his viewers a "game plan" for the week ahead. He said if there is a hard landing, the stocks to invest in are Verizon (VZ), Pepsi (PEP), Altria (MO), Kimberly Clark (KMB) and GlaxoSmithKline (GSK). In the event of a soft landing, however, he recommended Caterpillar (CAT), ConocoPhilips (COP), Chesapeake Energy (CHK), Nabors (NBR) and JoS A. Banks (JOSB). Cramer then recommended three alternative energy stocks, SunPower (SPWR), Headwaters (HW) and Evergreen Solar (ESLR). Cramer then announced which orphan stock he would follow as it grows up, Dynamic Materials (BOOM). In the "Lightning Round," Cramer was bullish on Darden Restaurants (DRI), United Parcel (UPS), Basic Energy (BAS), Identix (IDNX) and Rite Aid (RAD), and was bearish on Bausch & Lomb (BOL), Goldcorp (GG), Titanium Metals (TIE), Wal-Mart (WMT) and Powerwave Technologies (PWAV).

Market Comments: The market has opened under a bit of pressure, but nothing too serious. Most of it is due to more sabre-rattling out of Iran about them cutting oil supplies if the U.S. does anything too aggressive towards them.

Nonetheless, the news has oil trading higher, topping $73. The 10-year yield is hovering around 5.0%.

After opening lower, GOOG has reversed and is now positive. This could bode well for the rest of the session. You know how I like a market that opens weak and builds strength into the day. I wouldn't be surprised to see this unfold today.

I will be back with an update on the sentiment indicators. Suffice it to say that they continued to flash exteme bearish readings last week, which from a contrarian prespective is bullish, as these are levels often seen at market bottoms.

long GOOG