Recap of Jim Cramer’s comments on Stop Trading! Thursday October 18. Click on a stock ticker for more analysis:
Sun Trust (NYSE:STI), PNC (NYSE:PNC), Bank of New York (NYSE:BK), State Street (NYSE:STT), Bank of America (NYSE:BAC), JP Morgan (NYSE:JPM): Cramer was impressed with STI's earnings report which, along with results from second-tier banks such as PNC, BK and ST, indicate "not every bank is going down." After a 31% drop in BAC's earnings, Cramer said "I believe in Ken Lewish [the CEO.]" Cramer blamed massive writeoffs in home equity loans, a widespread problem, for BAC's decline and discussed the bank's successful investments in China. Cramer was less enthusiastic about CEO of JPM, Jamie Dimon, whose performance was not as bad as that of other CEOs, but Cramer called this remark "damning with faint praise."
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