Since the apology aired, however, Meta shares have rebounded. Last fall, Cramer appeared on CNBC’s airwaves and offered an emotional apology to viewers for touting Meta stock, the value of which plummeted by some 25% during a single trading session. “If he specifically says either buy, buy, buy a stock, then we’re gonna go short that stock at the next practical moment,” Matthew Tuttle, the CEO of Tuttle Capital Management, which launched the Inverse Cramer Tracker ETF, told Bloomberg News. Silicon Valley Bank’s swift collapse on Friday stunned the banking sector. Investment gurus seeking to capitalize on Cramer’s poor forecasting track record introduced a pair of exchange traded funds which are predicated on a strategy that contradicts whatever the CNBC personality recommends. CNBCĬramer is a frequent target of scorn and ridicule on social media, where observers point out some of his market predictions that fail to materialize. This man deserves an Oscar.” Cramer’s ill-fated prediction earned him scorn on social media. “He also said Bear Sterns (the investment firm that collapsed in the subprime mortgage crisis) was fine in 2008. Genevieve Roch-Decter wrote on Twitter: “Jim Cramer said a month ago Silicon Valley Bank was a buy.” “The guy needs to be taken off the air for good.” “Now it’s extremely sad how many people and families he’s destroyed by always being wrong.” CNBC anchor Jim Cramer urged viewers last month to buy stock in Silicon Valley Bank’s parent company. CNBCĪnother Twitter user wrote: “At first it was funny that Jim Cramer was always wrong.” CNBC Cramer urged viewers to buy shares of SVB’s parent company during a Feb. “One month ago, Jim Cramer urged investors to buy Silicon Valley Bank stock,” one Twitter user observed, adding: “Today, the bank was closed by California regulators, making it the 2nd largest banking failure in US history.” CNBC’s Jim Cramer was bullish on Silicon Valley Bank stock. On social media, critics of Cramer made sure to remind others of the now-ill-fated stock tip. At the time, SVB Financial was trading at $320.40 a share. He said the stock was the “fourth-worst performer of 2022” though it was worth buying because “being a banker to these immense pools of capital has always been a very good business.” “This company is a merchant bank with a deposit base that Wall Street has mistakenly been concerned by,” Cramer said in the clip.Ĭramer touted the fact that the bank was “less dependent upon private equity and venture capital offerings.” 8 episode of “Mad Money.”Ĭramer listed SVB Financial among his “biggest winners of 2023 … so far” alongside blue-chip stocks such as Meta, Tesla, Warner Bros. Don’t yawn,” Cramer told viewers during a Feb. “The ninth-best performer to date has been SVB Financial (the bank’s parent company). ‘Inverse Cramer’ ETF lets investors bet against CNBC anchor’s stock picksīed Bath & Beyond sells $1B in preferred stock to avoid bankruptcy: reportĬNBC analyst Jim Cramer is once again being pilloried on social media after a clip resurfaced showing the “Mad Money” host recommending viewers buy shares of Silicon Valley Bank’s parent company, which owns the tech-driven commercial lender that swiftly collapsed on Friday. JPMorgan analysts warned about Silicon Valley Bank’s $16B in ‘unrealized losses’ in November CNBC’s Jim Cramer touted Signature Bank stock a year before it collapsed
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