Banks Enters Bizarro World?
Cramer recently discovered an alarming trend among the financial stocks: The institutions that played it smart and successfully weathered the credit crisis are in fact doing worse than those that teetered on the edge of collapse. And if not collapse, these companies were no doubt in some serious trouble.
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Take Hudson City Bancorp , for instance. Cramer called HCBK “one of the few banks that actually made you money in 2008,” but regardless the stock has dropped 24% over the past 12 months.
Hudson City delivered an earnings beat on Tuesday, with net interest margin and deposit growth up for the quarter. Also, the company said loan originations were up $1.7 billion so far this year and that it was positioned to take market share as the housing market and economy improved. Still, the stock finished the day in the red.
What’s going on? That’s what Cramer wanted to know. So he invited Hudson City CEO Ron Hermance onto the show to find out. Watch the video for the full interview.
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