×

Mad Money Green Week: Owens Corning

This, as you know, has been Green Week at CNBC and we've been focusing a lot on alternative energy. Unfortunately, this movement has about-faced in just a few short months, owing to gas prices dropping and "hedge funds gone wild." Many are now more worried about keeping their jobs and retirement savings than about investing in wind farms, electric cars and cleaner fuels. Cramer's last look this week at a green company is Owens Corning, aka "the pink panther," in reference to its insulation business.

But insulation isn't its only business. OC is a "mosaic," with businesses in roofing, asphalt and composite materials (like those in windmills). Cramer has liked OC since mid-May when it was at $24.72. It's now about half that. "This one was a mistake," admits Cramer, "and I own that."

OC did report a better-than-expected third quarter, "but nobody seems to care." The failing housing market and decline in energy prices is putting a hurt on its key insulation business, while weakness in Europe is impacting its composites business. The company also bought back stock in Q2, garnering almost two million shares at an average price of $22.23 in Q3 -- more than 10 points higher than its current price. "Ouch!"

Michael Thaman, the CEO of Owens Corning, joins Cramer and answers some questions about OC's plans, its main growth driver, the retail side of its business, its favorable position in regards to upcoming changes in public energy policy, this year's stock buyback and his views on running a public versus private company during volatile market periods.



Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com