NYX P/E of 103

The New York Stock Exchange stock currently has a price to earnings around 103. Yet, the stock is still shooting upwards. Its had a large movement up from 87 to 93 in the past week. Why is this stock still a good investment? According to Jim Cramer of CNBC, he predicted this company will earn $10 a share in earnings in 2008, and then he placed a 28 P/E ratio on it then discounted the price target of $250. Here's the link to his comments: http://madmoneyrecap.com/daily_recap_openingsegment_110906.htm.