Owens-Illinois, like Owens Corning and Libbey Owens, which was then renamed Trinova, or some other silly Allegis-like moniker, represented this great play on declining raw costs. Have deflation and lower energy costs? Reach for the Owens Illinois, the way you would reach for a Coke on a hot summer day. All of these companies were deep value plays, the way Eagle-Picher was a value play and Armstrong Cork was a value play. Now they are just ex-members of the S&P 500. And all that will happen is that the index will trade better without them. For most, these are just asterisks. But for this soon-to-be-retired trader, these were great memories of stocks past. You will be missed!
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.