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Cramer: Buy Citi's Secondary at This Price
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Web Editor, Mad Money
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The Dow’s drop into negative territory on Tuesday shouldn’t surprise investors, Cramer said during Stop Trading!. Given the flood of equity into the market and disappointing economic news, stocks should be lower.
Banks have been issuing shares to repay borrowed Troubled Asset Relief Program funds, with $51 billion coming from just Bank of America [BAC
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], Citigroup [C
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] and Wells Fargo [WFC
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]. Also, producer prices rose 1.8% in November, a sign of inflation, while New York State manufacturing slowed and homebuilder confidence slipped.
But Cramer pointed to what he called “the resilience of this market” despite the tough economic climate, saying “who knows what would about happen if anything good happened?”
Cramer set his ideal price for Citi’s upcoming secondary offering, telling investors to buy at $3.25.
Best Buy [BBY
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] was down after reporting a “beautiful quarter,” Cramer said. He said he continues to like BBY and recommended buying it on the pullback.
Lastly, iPhone customers have been blaming AT&T [T
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] for frequent dropped calls and network slowness, but is Apple [AAPL
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] to blame? Watch the video to find out.
Cramer's charitable trust owns Bank of America.
Call Cramer: 1-800-743-CNBC
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