Stocks discussed on Jim Cramer's Stop Trading! TV program, Thursday January 15.
Citigroup (C), Bank of America (BAC), JP Morgan Chase (JPM), UltraShort Financials ProShares (SKF), AIG (AIG), Fannie Mae (FNM), Freddie Mac (FRE)
On news that Bank of America needs another bailout and Citigroup’s lackluster numbers, financials took a hit, even JP Morgan which reported a better than expected quarter. Ultrashort Financials ProShares (an ETF Cramer disagrees with owning but uses as a barometer) shows increased activity. Cramer urges investors not to panic and doesn’t think receiving TARP funds constitutes a government takeover or other measures similar to those taken to save Fannie Mae, Freddie Mac and AIG. He would sit tight and avoid panicking over financials
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