Update: Since Mad Money aired Friday, reports are saying that Citigroup CEO Chuck Prince will offer to resign Sunday, Nov. 4. Read about it here.
Either Chuck Prince is gone from Citigroup this weekend, or it will never happen, Cramer said. He doesn’t think Prince will be able to sustain the dividend with all the acquisitions the CEO has made. If Citigroup doesn’t move on from Prince, Cramer said, then homegamers need to move on from Citigroup.
The dry shippers took a pummeling this past week after China flexed some muscle and attempted to drive down shipping rates. Initially, Cramer thought the sector would bounce back next week, but a talk with Diana Shipping Chairman and CEO Simeon Palios on Friday’s show tempered his enthusiasm.
Palios, who called in from Greece, said predicting shipping rates was “a very dangerous exercise,” but that short-term cargo movements and ship deliveries make him “optimistic” about the near to midterm freight market.
The stock price for dry shippers is based on fleet size, and Cramer wanted to make sure there won’t be a sudden influx of ships to the market. “Eventually, maybe yes,” Plaios said, “but at the moment, I think we’re safe.”