Sometimes you find a stock that manages to hit all the bases, that gives you half a dozen reasons to buy it. Right now, that stock for Cramer is Freeport-McMoRan.
FCX is an enormous producer of gold, copper, silver, and now, because of a recent merger with Phelps Dodge, copper. All these holdings in natural resources make it a great hedge against inflation, which is a concern of the Fed’s and therefore a concern of Cramer’s.
Another reason to love the stock is that FCX priced a secondary offering today for 41 million shares at $61.25 that, as of this moment, is up nicely. The original number was for 35 million shares, but they had to boost the amount due to demand. This offering is two times oversubscribed. That’s empirical evidence of the demand in the market for FCX.