The company announced that it will merge with NextEra Energy (NEE) and shares jumped more than 15% on Thursday in response. But according to Cramer, the co-manager of the Action Alerts PLUS portfolio, that's simply not enough.
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On CNBC's "Cramer's Mad Dash" segment, he explained that the company is worth $33.50 per share, including the company's banking unit, American Savings Bank, which is worth about $8 per share.
Sears reported better-than-expected earnings per share and revenue results for the third quarter. However, the company still lost nearly $550 million in the quarter and revenues declined almost 13% year-over-year.
While this stock is a favorite among short-sellers, it's tough to sell because so much of the float is controlled by chairman and CEO Edward Lampert, Cramer said.