Cramer's 'Stop Trading': Bank of America
NEW YORK (
) -- As expected, two initial public offerings,
MaxLinear
(MXL) - Get Report
and
Calix
(CALX) - Get Report
, saw shares rise at the open, Jim Cramer said during his
Stop Trading!
segment on CNBC.
Cramer gives an $18.50 target for Calix and said MaxLinear already maxed out at $18.55. "You'd don't want to pay over for that," he suggested.
Crammer was also impressed with
Lennar's
(LEN) - Get Report
earnings report on Wednesday. The homebuilder actually raised prices for houses in California.
Bank of America
(BAC) - Get Report
also said on Wednesday that it will reduce mortgage principal for some homeowners. "I am trying to get my arms around that," Cramer said. The problem with the announcement is that "you don't really know if Bank of America will take you or not."
Still, Cramer said anything that lowers principals is of real value. He owns Bank of America for his Charitable Trust portfolio.
Meanwhile,
Williams-Sonoma
(WSM) - Get Report
,
Darden Restaurants
(DRI) - Get Report
and
Phillips-Van Heusen
(PVH) - Get Report
all pre-announced better-than-expected earnings and even topped those numbers, Cramer said. Cramer said that this is a sign that the consumer is returning and March will be good.
Darden saw a boost from Olive Garden, LongHorn Steakhouse and Capital Grille.
-- Reported by Jeanine Poggi in New York.
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