Cramer reiterated his bullish call on Joy Global during Wednesday’s Stop Trading, calling the company “a great Obama play.”
President-Elect Barack Obama’s expected infrastructure-based stimulus plan should drive business for Joy Global , Cramer said, as should the recent trend in reflation. Minerals and the Baltic Freight Index have been making positive moves, which should bode well for this mining-equipment and infrastructure name.
“There are a lot of reasons to think that Joy Global is going to do OK – not great,” Cramer said, “but not nearly as badly as the bears think.”
Joy Global was up about 14% Wednesday after reporting a 70% increase in fourth-quarter profit.