Cramer: Alcoa is No Reason to Give Up Industrials
People seem to believe the world economy is slowing, so it's time to give up on everything industrial and move into high growth, Jim Cramer said on Tuesday's Stop Trading!
"The idea of giving up on everything industrial because of Alcoa is a mistake I think," Cramer said. "First of all, I don't think Alcoa was that bad."
The aluminum maker led materials lower Tuesday after announcing it had missed forecasts on revenue. Meanwhile, UBS raised its price target on the firm to $19.50 from $18.
"Do I want a picture-perfect quarter from Alcoa after multiple years of them disappointing? Yes. Did we get it? Absolutely not," Cramer said. "I'm not going to start saying no that was a great quarter. I'm just saying that it wasn't that bad a quarter to make people feel that the industrial world's coming to an end."
Alcoa paired with Goldman Sachs' call Monday for clients to lock-in trading profits before oil and other markets reverse, are "making people feel like we're about to have a recession or something," Cramer said. "That's just dead wrong."
On Tuesday's Mad Money at 6 p.m. ET, raw materials. Cramer talks with Devon Energy President and CEO John Richels and Joy Global President and CEO Mike Sutherlin.
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