It's time for investors to take a bite of
, Jim Cramer said Wednesday on
"Stop Trading!" segment.
Cramer said the financial services sector is strong, what with excellent results last month at
and today at
. But while those money-center names often find their ways into the headlines, Cramer said a good under-the-radar financial stock is Mellon, the Pittsburgh-based owner of the Dreyfus asset-management giant.
The company has had "an unbelievable sales ramp," Cramer said, but "head count remains the same." He said Mellon's earnings power has been turned up considerably as a result. He called all three financial stocks a buy, though co-host Erin Burnett revealed that she sold Goldman stock at $128. It recently fetched $183.
Cramer said Cleveland-based manufacturer
also remains cheap, though he might lay off the stock for a bit in the wake of its sharp recent runup.
Cramer would be less bullish about oil stocks in light of the continuing drop in crude oil prices. He said crude is heading to $56 a barrel from a recent $57.60 and that OPEC, the Middle East cartel of producing nations, "has lost control."
But Cramer doesn't expect the Dow to feel the pinch. He pointed out that the index is light on energy stocks, and "as oil goes down, the Dow tends to react positively," in part because falling oil prices boost earnings at consumer products companies.
At the time of publication, Cramer was long Goldman.
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