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Amid the banking mayhem in the wake of the SVB Financial Group SIVB fallout, CNBC “Mad Money” host Jim Cramer gushed over one of his banking bets. —
What Happened: San Francisco, California-based First Republic Bank FRC is his “new focus,” Cramer tweeted on Friday morning, adding that it’s a “very good bank.”
Dragged by the SVB newsflow, First Republic’s stock tanked close to 15% before ending at $81.76. It dropped an incremental 3.94% in the after-hours session.
Cramer followed up with another tweet on the bank by late morning on Friday. Thanking CNBC Squawk on the Street anchor Sara Eisen for recommending First Republic stock when it was at $45, the stock picker noted that it has increased to $94.
“You have to watch @sqawkonthestreet!” he added.
Why It’s Important: Cramer is often criticized for his predictions that more often than not backfire. Incidentally, the CNBC host in February highlighted SVB as one of the 10 S&P 500 stocks that increased significantly in 2023, adding in that it was still worth grabbing.
To capitalize on his questionable calls, the Inverse Cramer Tracker ETF SJIM was launched earlier this month.
See Also: Janet Yellen Says No To Silicon Valley Bank Bailout: ‘We’re Not Going To Do That Again’
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Image and article originally from www.benzinga.com. Read the original article here.