Cramer: Buy This Bank Stock
Cramer during Friday’s Stop Trading shrugged off talk that the financials were weak, saying the only thing that matters is the resurgence of nearly failed banks thanks to secondary offerings. He pointed to successful secondaries held by Fifth Third , Huntington Bancshares and Marshall & Ilsley , which sold new shares today.
“That’s what matters – are people making money on the secondaries?” Cramer said, “and they are.”
“It’s really rather extraordinary how these deals all worked,” he said.
Cramer reiterated his endorsement of a short-term trade on RadioShack as a play on the switch to digital television from analog, which took effect on Friday. Some analysts had said that everyone who wants digital TV already had it, and therefore those who don’t wouldn’t be rushing to RadioShack. Cramer disagreed.
“This is a country that is addicted to TV,” he said, “and if there are people who don’t have TV, they don’t have running water. So I’m not that concerned.”
He also said that RadioShack is enjoying business from the sale of Palm’s new Pre smartphone. He recommended Palm on the release as well.
Elsewhere in the markets, PPG Industries is seeing a pickup in business, Cramer said, referring to his interview with Chairman and CEO Charles Bunch on Thursday. Anytime an industrial company reports an uptick, that’s good news for everyone.
Watch the video for Cramer’s take on Citigroup and its beleaguered CEO, Vikram Pandit.
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