On Tuesday's "Mad Money" show, Jim Cramer called a bottom in housing and recommended owning banks such as Wells Fargo (WFC), JPMorgan (JPM) and Bank of America (BAC). He owns all three of those companies for his Action Alerts PLUS charitable trust.
On Wednesday, Wells Fargo slid $1.31, or 5.4%, to close at $23.09; JPMorgan lost 77 cents, or 2.3%, to $32.73; and Bank of America closed down 43 cents, or 3.4%, at $12.30.Cramer said that Sepracor's (SEPR) fundamentals are shaky and disagreed with colleague Rick Bensignor, who thought that the stock was heading higher. On Wednesday, Sepracor added 56 cents, or 3.6%, to close at $16.25. Cramer said he is not a fan of either Wal-Mart (WMT) or Target (TGT). Goldman Sachs recently downgraded the former and awarded the latter a buy rating. Cramer prefers Target but thinks that rising gas prices make both stocks too much of a risk. On Wednesday, Wal-Mart closed up 31 cents, or 0.6%, at $48.56, while Target added 43 cents, or 1.1%, to $39.05. Freeport-McMoRan (FCX) is more of a play on copper than a play on gold, said Cramer, and he prefers the SPDR Gold (GLD) ETF to play gold. On Wednesday, Freeport lost $1.91, or 3.7%, to close at $50.48, while SPDR Gold added 42 cents, or 0.5%, to $92.35.
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