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Shares of GE were off sharply — and even went below $20 per share in early trading — after the conglomerate said before the market opened that it would cut its quarterly dividend in half to help free up capital to fund a turnaround. GE also announced an aggressive corporate restructuring.
Cramer — whose charitable trust owns the stock — said, "GE is one of the biggest mistakes of my career." Last month, when speculation about the dividend cut and some sort of restructuring were circulating, Cramer had said, "Rarely have I felt this stupid," while questioning what investors should do with the stock.
"I don't want to talk against my [investment], but I don't know how it's possible anyone thinks it should be worth $20," Cramer on Monday. "There's just a lot that's wrong." It should be "a 17 times earnings" stock, he added. GE said it now sees adjusted earnings for the year ahead of between $1 per share and $1.07 per share.
Cramer also calls GE's forecast of free cash flow between $6 billion and $7 billion "suspect," adding some analysts were skeptical. If new Chairman and CEO John Flannery "is approaching this pretty vigorously, why not just lower it [even further] if that's the case?" he asked.
There are divisions in the company that are not "up to snuff," said Cramer. But he added Flannery is a "no-nonsense guy" who has acknowledged GE's problems.
"Even though there is a lot that's not great here, Flannery is going to make it look like a regular company," Cramer said. "You're going to be able to look at it and say maybe it's not where Honeywell is but it can get there, " he said, referring the very different story at industrial rival Honeywell, which has seen its stock surge 25 percent this year compared to GE's 37 percent decline since in 2017.