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Cramer sees ‘huge positives’ on Tesla’s Battery Day, tells investors to be patient on stock – CNBC

Tesla’s Battery Day left some on Wall Street disappointed, but CNBC’s Jim Cramer said Wednesday investors who want to buy shares of the electric-vehicle maker should remain patient. 

The stock closed Wednesday’s session down over 10%, at around $380 per share

“I’ve liked it from $66, but the runup into Battery Day has to be burned off, and at $380 we’re not there yet,” the “Mad Money” host said. “Don’t give up, though. Give it some time, and we’ll get to a level where I’ll tell you, you can pounce again.” 

Cramer said he believes much of the reason people came away from Tuesday’s Battery Day feeling underwhelmed is simply sky-high expectations. He said there were some who thought Tesla CEO Elon Musk would officially unveil the so-called million-mile battery, but that did not happen.

Musk did, however, say the company was “confident” it can manufacture a $25,000 car in “about three years from now.” He said the cheaper car will be made possible by advancements the company is making on batteries and production, in part by designing and producing its own battery cells in-house. 

“If there hadn’t been all of this hype about a million-mile battery, those would have been huge positives, and they were for me. But because expectations were so high, Tesla’s Battery Day was viewed as a disappointment,” Cramer said. “I think it’s rather crazy. There was nothing disappointing about it.”

The prospect of a cheaper Tesla vehicle, in particular, could be an important development for the company, according to Cramer, who had been a relative skeptic of the Musk-led firm but began to turn bullish late last year. In December, he declared outright, “I’m a true believer in Tesla.”  

A standard-range Tesla Model 3 currently starts at $37,990, according to the company’s website. But if Musk can find a way to sell an electric vehicle at $25,000, the potential upside is massive, Cramer said. He added, it “could be as revolutionary as the Model T when Henry Ford … built 15 million of them — it was the first time regular people could afford a car.” 

Tesla’s stock has been on a massive run in 2020. It is up about 354% year to date and nearly 690% in the past 12 months.

The stock reached an all-time high of $502.49 on Sept. 1 but has experienced weakness since then, giving back about 24%, including Wednesday’s decline. 

However, that pullback Wednesday isn’t necessarily a surprise given where the hype was headed into Tuesday’s event, Cramer contended.  

“Tesla comes out with a plan to build an electric car for the masses, and it’s greeted with a yawn because Musk didn’t roll out a magic battery,” he said. “That’s what happens when the expectations get out of control — nobody cares about all these new positives, they’re just bummed that the things hyped didn’t happen. So of course the stock gets crushed.”

But, Cramer added, “I love the news, even if we won’t see the results for a couple of years.”

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banking Cramer

Cramer says banking glass ceiling ‘finally cracking’ with Jane Fraser named as next Citi CEO – CNBC

CNBC’s Jim Cramer on Thursday praised the appointment of Jane Fraser as the next chief executive officer of Citigroup, making her the first woman to lead a U.S. megabank

“The glass ceiling in banking maybe is finally cracking,” Cramer said on “Squawk on the Street.” Citi is the third-largest U.S. bank by assets. 

Fraser is set to succeed Michael Corbat, who plans to retire as CEO in February after 37 years at Citi, including the past eight years in the top job. Fraser, at the company for 16 years, currently serves as the head of Citi’s global consumer banking unit.

While taking over as CEO in February, Fraser was elected to the Citi board, effective immediately. She took over as global consumer banking president in October, which positioned her then as a potential successor to Corbat.

“This is revolutionary and we can’t deny it,” Cramer said.

The “Mad Money” host also cited recent changes at Clorox, which resulted in Linda Rendle, 42, becoming CEO.

“When Benno Dorer [56] retired at a very young age over at Clorox and appointed a woman, I said, ‘You know what, maybe this is the beginning of the recognition that it’s important that women get top jobs,'” he said.

“As a father of two daughters, who were always asking, ‘Who are the women who run companies?’ It’s always one hand that you can name,” Cramer added. “Maybe this is a really great sign.”

Cramer also complimented the job Corbat has done leading Citi, noting the growth in net income from about $7.5 billion to $19.4 billion and also the return of $80 billion in capital. 

“Banking is hard,” Cramer said, who described Corbat as a personal friend. “All those numbers haven’t necessarily led to a great performance of the stock but they are great numbers.” 

H. Rodgin Cohen, a prominent Wall Street lawyer, said he has worked with and known Fraser for more than a decade, calling her the “obvious CEO” replacement for Corbat and “an incredibly talented person.” 

“Strategically, what you see is that she has had experience in all phases of Citi over the years,” the senior chair at Sullivan & Cromwell said on CNBC’s “Squawk on the Street.” “I remember the first time being introduced to her, which is a long time ago, and one of the executives saying, ‘This is the real up-and-comer in the organization.’ This is 13 years ago, and it was not the upcoming woman. It was really the up-and-coming individual in the organization.”

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Chesapeake Cramer

Jim Cramer on Chesapeake Energy filing for bankruptcy – CNBC Television

Jim Cramer on Chesapeake Energy filing for bankruptcy – CNBC Television
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Cramer Morning

Morning Bell With Jim Cramer: Buy Regeneron – TheStreet

Stocks in the Dow Jones, S&P 500, and the Nasdaq all shrugged off the George Floyd protests and unrests throughout America. On Mad Money, Jim Cramer says markets don’t care about justice, and stocks pass no judgment but investors do. They should focus on stay-at-home stocks.

TheStreet’s Katherine Ross spoke with Cramer yesterday about Facebook employees rebelling against corporate policies, betting on Regeneron and Goldman Sachs shorting the US Dollar.

Facebook Employees Respond to Zuckerberg

Mark Zuckerberg challenged one of its rivals when he said Twitter  (TWTR) – Get Report and Jack Dorsey shouldn’t labeling Donald Trump’s tweets when the president lies on their platform. He stated Facebook  (FB) – Get Report won’t be “arbiters of the truth”. That didn’t too well with the employees at the social platform but Zuckerberg sees no reason to end a mutually beneficial relationship.

Cramer tells investors how they should trade the social media stock in the wake of the news that employees are planning a walkout.

Bet on Regeneron

Every week it seems a new Covid-19 drug company is releasing a report with hopes that their drug will be the one to make the difference in the fight against the coronavirus. Gilead Sciences, Regeneron, Merck and Eli Lilly are all working to be the ones to help get the world out of this pandemic.

Cramer says bet on Regeneron over Eli Lilly.

Goldman Sachs and the US Dollar

Goldman Sachs mentioned in a note this past weekend that they plan to short the US Dollar based on the ‘cyclical risks’. Goldman stated that “shorts on the dollar are looking attractive in some currency crosses.”

What does Cramer think of Goldman Sachs planning to short the US Dollar? Hear what Cramer thinks about this plan by Goldman and how traders can play the market in these current conditions.

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