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Stop Trading!: A 'Formidable Foe' for JPMorgan?
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Negative comments from JPMorgan Chase CEO Jamie Dimon during a “Street Signs” interview Thursday are no surprise, Cramer said, given this is “the worst environment in history.”
“We should just be glad they open the doors everyday,” Cramer said.
But that doesn’t mean the stock isn’t worth buying in anticipation of a turnaround. While JPM [JPM
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] is down to about $31 from its recent offering price of $40, Cramer thinks the rebound will be “so amazing when it happens” that the stock could jump to $50.
Dimon told “Street Signs” host Erin Burnett that he’s been buying JPM preferred shares, which yield 12.5%, rather than the common stock, saying they were “as good as gold.” Cramer agreed, calling the preferred “a great piece of paper.”
Dimon also mentioned that he doesn’t think Goldman Sachs [GS
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] and Morgan Stanley [MS
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] should merge, nor does he want to buy either firm. Cramer didn’t seem surprised, saying that a Goldman-Morgan merger would create a “very formidable foe” for JPM.
“So I don’t blame him for saying that the merger shouldn’t happen,” Cramer said.
Jim's charitable trust owns Goldman Sachs and Morgan Stanley.
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