Recap of Jim Cramer's comments on Stop Trading! Tuesday July 22.
Cramer Likes Copper: Freeport-McMoRan (NYSE:FCX)
Buy Freeport-McMoRan, said Jim Cramer on Tuesday's Stop Trading! segment on CNBC with Erin Burnett. “I have been buying this stock right here, right now for my charitable trust,” he said, adding that “every time the stock comes down, it's a ridiculous buy!” The stock is down 6% to $110.32. Cramer praised Richard C. Adkerson, CEO and president of Freeport, who was on the show earlier with Erin Burnett. “He's great, just great!” Cramer said. He called Adkerson honest and said he's doing a terrific job running his business in a tough environment.
Horrible Earnings Cause Drop: American Express(NYSE:AXP)
American Express is down 10% to $36.93 after it reported a sharp drop in its second-quarter earnings yesterday. The company reported 56 cents a share, while analysts had expected 83 cents a share. “It has tarnished its franchise,” Cramer said. “Why did they have to go into lending?”
Gas Near Bottom: Canadian Natural Resources (NYSE:CNQ)
Cramer went on to talk about natural gas. He thinks natural gas is nearing a bottom, and judging from a risk/reward standpoint, he said, he sees more upside potential, which he feels will benefit Canadian Natural Resources. The stock is down about 4% to $86.12.
Good Food: Kroger (NYSE:KRO), Whole Foods (WFMI)
He briefly mentioned Whole Foods, saying: “It is turning into a yield play.” Cramer also said he has “a lot of faith” in Kroger since the company has demonstrated strong financial results that he believes will continue.
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