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On the day after the biggest rally in half a decade, Cramer is looking for places to make money while still remaining cautious about the broader economic picture. The key, he said on Wednesday’s show, is buying stocks that are protected. And believe it or not, Carnival[CCL
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], the largest cruise ship operator by market share, has the protection and the chance to go higher even after the euphoria from Tuesday’s rally fades.
Carnival is a buy, first and foremost, because of its dividend. It has a 4.2% yield which acts as a cushion if the stock goes lower. In this market, yield support is paramount.
But plenty of stocks have solid dividends. Why Carnival? Cramer singled it out because he doesn’t think it can go much lower. It hit its 52-week low intraday on Monday so if the company says its business is slowing because of the economy, a lot of that is already going to be priced into the stock. The stock is priced for catastrophe, and it’s a catastrophe that Cramer doesn’t think is coming.
You wouldn’t think a cruise ship company would be a haven in an economic slowdown, but Carnival is actually in pretty good shape, as far as Cramer is concerned. Think about it – for many people, a cruise is a kind of trade-down vacation because it’s relatively cheap. Even in a recession, people don’t completely stop taking vacations, they just take cheaper ones.
Add in an expanding European operation and 40% rest-of-world sales, and this stock is even less sensitive to our battered economy.
Carnival works because of its dividend and because it’s less exposed to the U.S. than you’d think. Watch the video to see what earnings multiple Cramer thinks would send the stock soaring.
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