“This is the least perfect I have ever seen the stock market,” Cramer said during Wednesday’s Stop Trading!. “We are just not getting accurate reads on stocks.”
Case in point: Ford Motor’s preferred shares.
In addition to announcing that the company would pay down $3.8 billion in debt, Ford also said it would shell out $255 million in preferred stock dividends, Reuters reported. Still, though the story first crossed The New York Times website just before 10 AM ET, Cramer said, Ford’s preferred shares languished for a full hour before traders caught on and took F-PS up 10%, to $44 from $41.
“Sometimes the preferreds are bizarrely misunderstood by the market,” Cramer said, adding that the dividend announcement was “right there” for everyone to see, though no one seemed to at first.
This is just further proof, Cramer said, that “the markets are imperfect.”
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