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Multiples Are Too Low, Plain and Simple

By Jim Cramer

 About this article:
 The earnings strike back! Or is the glass finally half full? When I look at what JPMorgan reported and considering what I thought it would report about four months ago, I am amazed at how much I love it now when I would have hated it then. Those expectations had been lowered so much that even a gloomy statement like the one Jamie Dimon put out -- it is not getting better out there -- isn't bad. But last night's VF Corp. and CSX and today's United Technologies tell me that we have gotten far too negative about the world too quickly. I am not saying that things aren't slowing. All of those companies see some areas that are slowing. I am saying that the world's not ending, and therefore earnings multiples should not go to 10 or 11. Yesterday, going in to VF's...

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