Yesterday's Goldman Sachs call to sell U.S. life insurance companies was "frightening," said Jim Cramer on Wednesday's "Stop Trading!" segment on CNBC. "And Principal Financial (PFG) - Get Principal Financial Group Inc Report was viewed as their best idea as a sell."
"There is a feeling here that they should raise capital. I don't disagree with that," said Cramer. He said that
"is the tell here. If WFC can hold, then it's possible to raise capital in the hole again."
Cramer said he's being realistic about the market. "I'm not coming in and saying, 'Buy, buy, buy. It's the greatest opportunity,'" he said.
Instead, he's recommending
, whose yield is nearly 8%. He said he didn't like the stock when the yield was at 5%, 6% or 7%, but now he's giving it a second look. "This is new for me. Even Pfizer, at 8%, the worst drug company that I follow, is a buy."
At the time of publication, Cramer had no positions in stocks mentioned.
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
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