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Obama is back at it again, Cramer said Thursday, and the market reacted accordingly, with the Dow losing 130 points and the S&P 500 slipping 15. The Mad Money host thinks that investors should take profits before the holiday weekend, as the president’s ire for certain businesses has gone from “rhetorical to actual.”
So who’s on Obama’s corporate enemies list? Credit card companies, the coal industry, the steelmakers, the utilities and the drug companies, all of which he promised to take on during his election campaign. Cramer fully expects him to fulfill that promise, especially with Speaker of the House Nancy Pelosi onboard, and that’s bad news for all of the above-mentioned industries. Washington can do more damage than any competitor ever could.
“If you own [these] stocks,” Cramer said, “you better be worried.”
Credit-card companies often play the role of punching bag for politicians, though that’s usually posturing. But the recently passed credit-card bill could do serious damage to, say, Capital One [COF
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]. As Cramer pointed out, COF has figured out the best rates to charge its less credit-worthy customers so that it can still offer good rates to good customers. The new law, though, might make that impossible, in effect putting COF in the sell column. Cramer thinks the legislation will hurt the big banks that issue these cards the most.
There’s another big C on which Obama has trained his sights, and that’s carbon. If a business emits CO2 – think steelmakers, utilities and coal companies – it could be in trouble. The only reason Cramer didn’t recommend selling Arch Coal [ACI
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], Peabody Energy [BTU
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] and Massey Energy [MEE
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] is because Chinese demand is great enough to sustain them, even if Obama gets his cap-and-trade plan, which all but amounts to a carbon tax.
Cramer also advised against owning steelmakers that produce with coke, or the coal used to make steel. Better to switch out of US Steel [X
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] and into Nucor [NUE
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], which uses less coal in its production. The same goes for utilities that use oil or coal. Southern Company [SO
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], with its 71% concentration of fossil fuels, is a sell.
Of course, Obama has big plans for health care as well. His cost-cutting hopes put everyone from the drug firms to health-care companies to even biotech outfits in danger. The sector’s three Bs – Bard [BCR
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], Becton Dickinson [BDX
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] and Baxter [BAX
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], or any pharma or medical-device maker, for that matter – are all out of favor now.
Now, Cramer doesn’t necessary disagree with Obama here. He’s just as adamant about fighting global warming as the next person. But this is not the right time. Not when we’ve barely escaped a depression and are smack in the middle of a recession. Today’s market drop just proves what happens when the White House takes aim at Wall Street, and in turn, Main Street. These stocks do make up a bulk of Americans’ retirement portfolios after all. Investors are taking profits, hoarding their cash and waiting to see who’s next. And who can blame them? That’s why Cramer urged viewers to take profits before Friday’s close.
Who’s the last president to wield his power against certain industries? Watch the video to find out.
Call Cramer: 1-800-743-CBNC
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