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What should Homegamers do with a stock that seems to react to every tick of the market (especially oil prices)? That’s what is happening to Foster Wheeler [FWLT
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], one of Cramer’s long-time favorites that got battered down 50 points “in a heartbeat” even though nothing fundamental within the company seems to have changed.
Foster Wheeler CEO Raymond Milchovich reassured Cramer on Wednesday’s Mad Money that FWLT has seen “nothing but good news” since the last time he was on the show in mid-November.
While Foster services the oil industry, it is truly an infrastructure company with exposure to chemical, pharmaceutical and other energy businesses as well. For investors to trade the stock down along with oil is ridiculous, according to Michovich. “The daily spot price of oil has absolutely nothing to do” with the projects Foster works on, which are multiyear contracts that are analyzed by supply and demand functions over long periods of time – not by whether oil closes at $90 or $100 on any given day.
Listen to Milchovich, Cramer said, not the skeptics. Foster Wheeler is “money in the bank,” even if the market doesn’t treat it that way.
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