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Bottom For Secondary Offerings?
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In Tuesday’s Stop Trading!, Cramer gives his perspective on the slew of secondary offerings, why bad news for Google’s radio advertising venture isn’t necessarily bad news for the company, and how to play Ford’s big secondary offering.
His big calls were regarding Bank of New York Mellon [BK
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] and Anadarko [APC
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], which he believes are now bottoming off their secondary offerings. And, Cramer pointed out, the volumes are great right now on the NYSE Euronext [NYX
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], due, of course, to the amount of secondary offerings hitting the market of late. “I think we’re getting to an important bottom in NYX,” Cramer said.
Another interesting name is Google [GOOG
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], which gets a large proportion of its revenue from one source: advertising. Cramer says that April was up nicely for online businesses and that Google has been forced down because of recent news that their foray into the radio advertising market has been jettisoned. Cramer says Google’s real money was never in radio to begin with, and reminded viewers that the industry had a strong month in April. The stock is “give or take” 10 points off the bottom, according to Cramer.
Talking autos, Cramer was in awe of the size of Ford’s [F
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] secondary offering, while chastising high-level insiders of General Motors [GM
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] for selling their stock on news of a possible bankruptcy. On Ford, Cramer thinks that with the shear volume of stock being offered, the best move with Ford is to simply wait until after the deal is priced. He likes the future for Ford, who isn’t facing the future prospect of union or government control. “You want to be in Ford if you think this industry is going to have a turn,” Cramer said, with the idea that CEO Allen Mulally will have better luck turning his company around than GM or Chrysler, who could potentially be “controlled by the UAW.”
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