Cramer's Stop Trading! Iceland, Citigroup
NEW YORK (
) -- On his
Stop Trading!
segment on CNBC Monday, Jim Cramer said major airline stocks, such as
Continental Airlines
(CAL) - Get Caleres, Inc. Report
,
UAL Corp's
( UAUA) United Air Lines,
AMR Corp's
(AMR)
American Airlines and
Delta
(DAL) - Get Delta Air Lines, Inc. Report
, will see a crimp in their earnings the longer the Icelandic ash clouds hang over Europe.
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"Their outlook has changed. In truth, these numbers are still too high," Cramer said of the airlines, while pointing out that the debris from the aftermath of the volcanic eruption in Iceland has interrupted one of the most lucrative routes for the major airlines -- London to New York.
Major airline stocks were trading in the red Monday afternoon.
Cramer struck a different tone when he described his outlook for
Citgroup
(C) - Get Citigroup Inc. Report
"This is a really great quarter," he said. "It's the beginning."
Investors should bear in mind, Cramer added, that Citigroup has a far better mortgage portfolio than its peers. That's because the majority of Citigroup's business isn't in the U.S., so the bank wasn't as severely exposed to the U.S. subprime mortgage market.
"You can reach six ultimately," Cramer said of Citigroup's stock price.
-- Reported by Andrea Tse in New York
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