Cramer's 'Stop Trading!': Stop Shorting Coach

Cramer says CEO Lew Frankfort is a "great business man."

Author:: TheStreet.com Staff
Publish date:: Oct 21, 2008 3:15 PM EDT

"Kirk Kerkorian is a rich man. No one's in trouble who's that rich," Jim Cramer said on

CNBC's

"Stop Trading!" segment on Tuesday. "But he doesn't want to lose his

MGM

"MGM is a good company," Cramer said. "Vegas is horrible. Just look at these stocks!" He said MGM's chart is "the worst chart I've ever seen!" Though he admitted this was an exaggeration, he pointed out the huge decline in the stock, which has fallen from more than $90 over the past year to around $14.50 this afternoon.

As for

Freeport-McMoRan

(FCX) - Get Report

, which Cramer owns in his

Action Alerts PLUS

charitable trust, Cramer said he was glad that the company has suspended its stock buyback and kept its dividend. It "should keep that dividend," Cramer said. "The dividend's what we want."

Cramer acknowledged that he still doesn't love

Coach

(COH)

, but he said it's time for people to stop shorting it. "Everybody just wrote this company off. Lew Frankfort is a great business man," he said. "He's better than

Nordstrom

(JWN) - Get Report

. We should stop shorting Lew Frankfort."

At the time of publication, Cramer was long Freeport.

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