From a portfolio management perspective, we're taking advantage of this broader market strength to sell a 'loser' position.
We're selling 250 shares of Foot Locker at roughly $23 each. Following Friday's trade, Jim Cramer's Charitable Trust will own 750 shares of FL, decreasing its weighting to 0.62% from 0.82%.
But here's the thing. Ever since that nightmare quarter, Foot Locker shares have been grinding ever higher. Thanks to Friday's nearly 5% jump, the stock has recovered nearly all the losses from that post-earnings selloff. While bouncing from much lower levels, that's a nearly 40% recovery in a little over two month's time.
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