Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio.
Macy's : Shares tumbled 13% after the retailer announced it was ending buyout talks with an activist investor group.
"This is a good chance to buy Macy's," said Jim, who has generally been positive on CEO Tony Spring's turnaround plan.
Cleveland-Cliffs : Shares were roughly flat after the company announced a deal to buy Canadian steelmaker Stelco for $2.8 billion.
Jim noted that Cleveland-Cliffs says the acquisition is immediately additive to earnings per share, "which means buy it."
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