Jim Cramer's Stop Trading! 3/6/08: Stung by Thornburg

by: Miriam Metzinger

Recap of Jim Cramer’s comments on Stop Trading! Thursday March 6. Click on a stock ticker for more analysis.

Boeing (NYSE:BA) and Northrop Grumman (NYSE:NOC): While Cramer “thinks the world” of Boeing, it recently was beaten out by NOC which scored a major government contract. “Northrop’s the better play,” said Cramer.

Thornburg Mortgage (TMA), Annaly (NYSE:NLY), Fannie Mae (FNM) and Freddie Mac (FRE):

Cramer confessed he was too complacent about TMA, at least the preferred stock, and was fooled by the volume of insider buying. Cramer also got burned by NLY, which he had been trading around because he was worried about another equity offering. However, he had nothing but praise for CEO Mike Farrell, but added, “It turns out in this market, honesty isn’t even enough.” Cramer blamed Carlyle Group’s failure to make margin calls for the selloff in NLY, and he predicts NLY will have to make another offering. Cramer confessed to selling NLY, and said he would buy more shares lower if the company makes another offering. “I feel terrible about Annaly,” he said, “I made a mistake.” Concerning FNM and FRE, Cramer is concerned their equity will be wiped out.

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