Recap of Jim Cramer's comments on Stop Trading! Tuesday October 21.
"Kirk Kerkorian is a rich man. No one is in trouble who is that rich," Jim Cramer said. Kirk Kerkorian’s sale of 7 million Ford shares Monday, and the impending sale of the rest of the billionaire’s position in the automaker, is a defensive move intended to reprioritize another struggling company in which Kerkorian has a large stake, MGM Mirage. “He doesn't want to lose his MGM." "MGM is a good company," Cramer said. "Vegas is horrible. Just look at these stocks!" He said MGM's chart is "the worst chart I've ever seen!" Though he admitted this was an exaggeration, he pointed out the huge decline in the stock, which has fallen from more than $90 over the past year to around $14.50 this afternoon.
Suspended Buyback - Freeport-McMoRan (FCX)
As for Freeport-McMoRan, which Cramer owns in his charitable trust, Cramer said he was glad that the company has suspended its stock buyback and kept its dividend. It "should keep that dividend," Cramer said. "The dividend's what we want."
Cramer admited that he doesn't love Coach, but he said it's time for people to stop shorting it. "Everybody just wrote this company off. Lew Frankfort is a great business man," he said. "He's better than Nordstrom. We should stop shorting Lew Frankfort."
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