Jim Cramer said Friday on CNBC that Abbott stock is 'dirt cheap.'
Abbott Laboratories shares jumped Friday after the Club holding picked up a surprise victory in a trial over the safety of its formula for premature babies. The news Abbott Labs' specialized formula is not responsible for a young baby boy developing a severe intestinal illness known as necrotizing enterocolitis, or NEC, a jury in Missouri state court found Thursday night —wrapping up a roughly five-week trial closely watched by investors.
Based on Friday's premarket gains, the stock was on track to approach those levels. Bottom line Abbott Labs still faces other cases over its specialized formulas across the country, but Thursday night's win is significant. The stock reaction makes that clear, gaining more than 4.5%. "They won a case they were supposed to lose. ... The day of the plaintiffs taking it to Abbott is over," Jim Cramer said Friday on CNBC. "That stock is dirt cheap," he added.
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