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Cramer: Citi Is Still a Buy
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Web Editor, Mad Money
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Cramer during Tuesday’s Stop Trading! reiterated his buy call on Citigroup’s secondary shares, urging viewers to “buy the heck out of them.”
“Citigroup is the ultimate $3 call,” Cramer said, bucking the overwhelmingly negative response to Citi's offering. “I have rarely ever seen an option as good as this one on a turnaround between now and 2012.
He also chided the government for not selling its stake in Citi [C
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] when shares were near $5.
Zions Bancorp [ZION
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] and KeyCorp [KEY
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] may be the next banks to hold offerings, Cramer said, and at a price that would be advantageous to investors. He recommended that investors watch ZION and KEY.
“Both [stocks] could be interesting after the deals are done,” Cramer said.
Lastly, some of the business world’s top executives were in New York this week for the Yale CEO Summit. The growing consensus among them, CNBC’s Erin Burnett reported, seemed to be that the economy in 2010 would be flat. Cramer, however, disagreed.
Cramer said he expects more jobs stimulus spending in the coming year. He also pointed to talk in the tech sector that the first quarter, which historically is weak, should be “far stronger than expected.” The Mad Money host said he’d have a hard time panning the economy when “the most GDP-oriented of industries” is anticipating strong demand.
Cramer went further, saying that low steel inventories indicate demand in that sector as well. And he expects “a tremendous drilling wave” in oil and gas. He urged viewers to have more faith in Federal Reserve Chairman Ben Bernanke and his capacity to lead the US out of the recession, more government initiatives to bring down unemployment and a resurgent Republican Party, which would counter the business-unfriendly legislation – health-care reform, cap and trade – proposed by Democrats.
“I think the negativity will be trumped by…a newfound optimism,” Cramer said, adding that “Washington will not be as interventionist next year.”
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