It’s a wonder whether being on the opposite side of stock market reality is just in the job description for CNBC host Jim Cramer. He haphazardly doubled down on an embattled stock that plunged soon after.
Cramer took to Twitter at 6:14 a.m. on April 25 to say that “It looks like First Republic v. everything else judging from these fine earnings.” His tweet did not age well. By close-of-business on the same day, First Republic Bank shares took a nearly 50 percent nosedive.
This meant that First Republic Bank extended “its year-to-date losses beyond 90%. It closed at $8.10 per share, its lowest closing level on record,” according to Cramer’s own CNBC. Tuttle Capital Management CEO Matthew Tuttle ripped apart Cramer's take: "Looks more like First Republic AND everything else."
To make matters worse, Cramer tweeted his nonsense just after it was reported that FRC deposits already dipped 40 percent in the first quarter, as if he was too trapped in a state of ignorance to read the tea leaves. It was so bad that even business outlet TheStreet, which Cramer co-founded, ripped the CNBC host for blowing it yet again: “Jim Cramer Was Dead Wrong About This One Stock Prediction.” TheStreet trolled in its sub-headline: “The 'inverse Cramer' crowd is celebrating another win Tuesday.”
Looks more like First Republic AND everything else— Matthew Tuttle (@TuttleCapital) April 25, 2023
FRC lost about $100 billion in deposits following a pair of bank failures last month that rattled markets, which unironically blew up whatever credibility Cramer had left. In March, Cramer praised FRC as a “very good bank,” just before the stock plummeted 65 percent three days later. Apparently, Cramer hasn’t learned that being stubborn and doubling down on a foolish position doesn’t yield dividends.
Cramer has become the epitome of an anti-Midas touch. Whatever he touches in the stock market appears to consistently fall apart. The now-defunct Silicon Valley Bank suffered the second largest bank failure in U.S. history after Cramer pushed the stock as a winner in February.
Conservatives are under attack. Contact CNBC at firstname.lastname@example.org and demand it distance itself from Cramer’s wild stock takes.