Still Bearish on Financials - Stop Trading! (5/29/08)

Includes: BAC, C, JOY, MA, OI, WFC
by: Miriam Metzinger

Recap of Jim Cramer’s comments on Stop Trading! Thursday May 29.

Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC): Seabreeze Partners Founder, columnist and long-time bear on financials Douglas Kass changed his position and said Citigroup could quintuple over the next three to five years. He also recommended WFC and BAC and said this is a "generational opportunity" to buy financials. Cramer disagrees because "so many things have to go right" with the economy, including housing, employment and easing of the credit crisis before all is well with banks. However, Cramer added if Kass is right about the sector; “you're going to have a rip, snorting bull here.”

Owens-Illinois (NYSE:OI): The future is in glass rather than plastic, said Cramer since plastic bottles are thought to contain toxins and glass is a renewable resource.
Mastercard (NYSE:MA): Cramer would hold Mastercard even after its significant jump on Thursday.
Joy Global (JOYG): JOYG jumped for joy 3% and Cramer says the stock would have been up $8 if the coal sector had not had a down day. “Joy Global is the answer,” Cramer said, “to getting the Saudi Arabia of coal” -- the U.S. -- “back in its rightful place."

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