Betting against the stocks that CNBC host Jim Cramer promotes appears to be a surefire way to make a fortune in the current stock market.
Cramer dumped a new load of bad stock advice during the fallout from the Silicon Valley Bank (SVB) collapse. He tweeted March 10 that “[First Republic Bank (FRC)] is new focus... very good bank.” However — just three days after Cramer’s tweet — FRC’s stock took a 65 percent nosedive during premarket trading on Monday morning after declining 33 percent the prior week, according to CNBC. Cramer just can’t seem to catch a break to save his apparently worthless reputation. Cramer’s latest goof comes just after the CNBC host found himself on the receiving end of cascading internet mockery for promoting SVB stock as a good buy just a month prior to the institution later suffering from the “biggest bank failure” since the 2008 global recession.
CNBC summarized that FRC’s stock plummet occurred “even after regulators’ extraordinary actions Sunday evening to backstop all depositors in failed Silicon Valley Bank and Signature Bank and offer additional funding to other troubled institutions.”
Jim it’s only been 3 days and the stock is already down 70% from this tweet
— greg (@greg16676935420) March 13, 2023
Fox News host Tucker Carlson called Cramer CNBC’s “professional BS artist” and just a “dumb person” after the Federal Deposit Insurance Corp. regulators shut down SVB and took control of its deposits. It appears Cramer’s embracing those monikers. “If [Cramer] ever endorses anything you’re doing, move to the Canary Islands, change your name because disaster is coming,” Tucker prophetically stated during the Mar. 10 edition of Tucker Carlson Tonight. It only took three days for another one of Cramer’s predictions to go kaput.
Cramer listed SVB among the top ten biggest stock “winners of 2023” during the Feb. 8 edition of CNBC’s Mad Money. He placed Silicon Valley Bank’s parent company, SVB Financial Group, in the ninth spot. Cramer characterized the institution as a “merchant bank with a deposit base that Wall Street has mistakenly been concerned about.” Cramer ludicrously classified the stock as a good buy because “being a banker to these immense pools of capital has always been a very good business.” He bizarrely called the stock “cheap,” despite it trading at around $320 a share at the time. Cramer said he thought the “fears were not justified. It’s a very compelling situation.” It apparently became so “compelling” that SVB imploded to achieve the second worst bank failure in U.S. history.
Conservatives are under attack. Contact CNBC at cnbcnewspr@nbcuni.com and demand it distance itself from Cramer’s wild stock takes.
