Jim Cramer's Wall Street Confidential Picks, March 6

 |  Includes: FMT, NEWC.PK, NFI
by: Miriam Metzinger

Recap of Jim Cramer’s comments on Wall Street Confidential, Tuesday March 6. Click on a stock ticker for more analysis:

NovaStar (NFI), New Century (NEW) and Fremont General (FMT)

Cramer warned, on a day like Tuesday, around 3:30 is a crucial time, since the buybacks stop and the bears start spreading rumors to bring stocks down. Although it is illegal to invent such rumors, Cramer remembers hearing the tall tales when he was a hedge fund manager, but did not spread them himself because he was a "very high-profile guy" and "very easy to take down." He added, "The ethics side is very thin in the hedge fund business." Cramer thinks of NFI, NEW and FMT as "insolvent companies unless proven otherwise" which have "been very adept at hiding a lot of problems," he said. "When I say hiding problems, I'm saying I see illegality."

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