If a major bank offers free trading, "you've got to pay attention if you do any trading at all," said Jim Cramer on his
"RealMoney" radio show Wednesday.
Bank of America
just announced free trading with an account minimum of $25,000, Cramer said. This move took everyone by surprise.
It was "bad luck by me to tell you to buy these
brokers' stocks" yesterday, Cramer said. "I didn't see it coming." The stock is down $2 today because no one expected it, he said, adding that analysts are likely to downgrade the stock within the next couple of days.
Because stocks trade down on downgrades, "if you own the stocks, the decline is not over," he warned.
"Pass the Oxycontin" for the pain, Cramer said. "Take your medicine and move on."
Cramer said he bought
on its way down from $19 to $13 after the company's announcement that it was lowering fees.
He told people to buy at the bottom, and "if you did that, you ended up making pretty good money," Cramer said.
But "I totally underestimated how much Wall Street would turn on Ameritrade," he iterated.
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