Can Citigroup Soar?

Citigroup earnings was the big topic of discussion on Monday's Stop Trading! as Citigroup posted a $4.43 billion first-quarter profit, its best result in more than two years.

As Cramer put it, "this was Vikram [Pandit]'s quarter," adding that of all the banks, Citigroup was the "least hurt" by the subprime implosion.

It's "very clear they're over-reserved and [have a] better mortgage portfolio than anyone else," Cramer said.

He expects the stock to make another assault on $5, adding that the earnings are good enough to potentially propel the stock to $6.

"I think that the Treasury should let this one run, because the earnings are that good that you could reach $6 ultimately," Cramer said. "And then the goverment could have almost a double, which would be really great for the Treasury."

Cramer also reiterated his comments from Friday when he said it might be time to take profits on airline stocks, which have had a “tremendous run,” in part due to merger discussions between Continental and United .

Most European airports were still shut Monday due to the volcanic ash cloud still lingering over European airspace. Airlines pressed for governments to reopen European airspace,and the European Commission said it may approve compensation to cushion losses of $250 million a day.

"What will matter is the outlook and the outlook is changing," Cramer said, adding that "nothing trumps merger prospects like earnings prospects," and earnings could take a significant hit on losses stemming from the European airport closures, especially for American Airlines , which has the most exposure of US-based carriers.

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