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Freeport-McMoRan has just about doubled this year, thanks to a commodities boom. On "Street Signs" Wednesday, CEO Richard Adkerson told Erin Burnett that these are "certainly positive times for us."
Adkerson said that Freeport-McMoRan [FCX
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] is a global company, and since the global economy is strong, so is FCX. Chinese demand for copper is driving the company's growth, he said. Cramer, later speaking during Stop Trading!, agreed, saying that FCX is definitely a play on China.
Also on Stop Trading!, Cramer said that the New York Times Co. [NYT
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] "is not a stock worth owning," especially after Hassan Elmasry, a fund manager at Morgan Stanley Investment Management and the biggest non-family shareholder of the NYT stock, sold his entire stake. Cramer has recommended selling NYT for the last 15 points.
Cramer reiterated his sell call on Chipotle [CMG
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], saying that "at $133, enough is enough ... The stock has had way too much of a move."
But Coca-Cola [KO
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] is looking good at present levels ahead of Friday's options expiration. He recommends buying it right here.
Jim's charitable trust owns Freeport-McMoRan.
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