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Mad Mail: Buy Wells Fargo?
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] is either an extremely attractive opportunity, or a bottomless pit. The stock is down huge in less than two weeks, as everyone assumes it has as many problems as other banks. Does this make sense? --Ron in TexasCramer says: “I nibbled a little for my charitable trust. To some degree, I have almost no financials. I felt like I ought to have some. Because they still are representing about 11% of the S&P. This one is one of the best. There was an article out today, saying they have to cut the dividend. That freaked people out. Plus it’s a big part of the SKF, the index that people use to shoot down stocks. If Wells Fargo’s in big trouble, then every other bank is in huge trouble.”
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Dear Jim: You often recommend that we wait for a stock to pull back before buying shares. How do you determine the price to start buying shares in a company? Is it a mathematical equation, a review of the stock's price history, or just a best guess? --Todd
Cramer says: “Ever since I got negative in September…all bets were off on almost all my recommendations, except for the ones that are recession-resistant and high yield…I would not be recommending a stock unless its on [a dividend] yield basis…it’s a yield percentage that I’m buying on – not a stock price.”
Jim's charitable trust owns Wells Fargo.
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