Cramer’s Thoughts on Bank of America at $6.50 a Share

Aug 8, 2011
J. Webster
Comments Off on Cramer’s Thoughts on Bank of America at $6.50 a Share

On Mad Money tonight Cramer was tight lipped in many ways regarding Bank of America’s stock, especially for Cramer, who’s usually full of excitement and energy when he makes a call on a stock. One could even say he was curt and to the point. On the Lightning Round Cramer had this to say about BAC:

“Don’t like financial stocks right now, including BAC.”

For a stock he touted as one to own maybe just four or five months ago, Cramer has since come to his senses and reversed course on Bank of America. With all of the CountryWide issues and lawsuits related to mortgage backed securities there are seemingly just too many issues surrounding the stock to warrant a buy no matter the risk reward. It is perhaps the most hated stock in the market right now – down 20% on the day and sitting a new 52 week low of $6.51 a share. So it’s no surprise, really, that Jimmy Cramer doesn’t like the stock. Now, more than anything else, the stock is talked about more in relation to going to $2 a share in a Lehman Brothersesque debacle. Let’s hope not.

Via Twitter, Cramer was a bit more lively, but not in the least positive about the stock.

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