Zions Bancorp on Monday announced it would exchange about $140 million of its preferred shares for common stock, thereby increasing its tangible common equity.
Cramer also mentioned that so-called shadow housing inventory shouldn’t be the concern it appears to be on Wall Street. Not when regulators are offering forbearance to the banks that own these properties. In such a case, the homes don’t count as inventory, he said, and therefore investors shouldn’t worry about them flooding the market and sabotaging a housing recovery.
“This is the great untold story of this period,” Cramer said. The banks “don’t have to sell the homes.”
In retail, consumers are spending, Cramer said, pointing to good reports from Williams-Sonoma , Costco and many apparel and footwear stores. He said the doom and gloom on Wall Street was a product of recent warm weather, which may have slowed sales in the sector.
But when the temperature drops, Cramer said, “you’re just going to be blown away by numbers.”
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