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Use caution when buying insurance stocks. That was the theme of Wednesday’s Stop Trading!, where Cramer said he was a fan of property and casualty insurers but wouldn’t touch the bond insurers with a ten-foot pole.
On the news that Liberty Mutual has agreed to buy Seattle-based Safeco [SAF
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] for more than $6 million, Cramer lauded the deal. Safeco is a “real” insurer, he said, as opposed to a “faux” insurer like Ambac [ABK
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], which got slammed in Wednesday trading after reporting a bigger-than-expected loss.
Cramer said he would also be a buyer of Chubb [CB
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] and Travelers [TRV
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], as they are part of an insurance industry that is “ripe and ready” to go higher. He thinks Metlife [MET
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] and Prudential [PRU
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] work too but he would stay away from AIG and be weary of Allstate’s regulation issues.
Moving to commodities, Cramer commended Freeport-McMoRan [FCX
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] once again for its acquisition of PhelpsDodge, which he called one of the greatest deals in years. Freeport is not a housing play, he stressed. It’s a company that is benefiting from the worldwide surge in commodity demand. That, coupled with continued consolidation within the space should be a boon for earnings, according to the Mad Money host. He wouldn’t expect the run in these stocks to stop anytime soon.
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