The Inverse Jim Cramer
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5 weeks ago: Cramer Is Surprised No One Is Buying This 'Very Good Bank' Amid Crash
Celebrity stock picker and CNBC host Jim Cramer tweeted early Tuesday that First Republic is a bargain buy and he was surprised that a big broker wasn't interested in it.
"Fear is so palpable that no one seems to want to step up and buy a very good bank like First Republic which can probably be had for one fourth of what it was worth three months ago," he said.
"It has an amazing client base. Surprised a big broker isn't interested."
Today: First Republic Bank Expected to be Seized by US Government
First Republic Bank ($FRC) is expected to be seized by the US government, a report by Fox Business Network says. According to Fox’s Charles Gasparino, bankers working with First Republic say that they expect eventual government receivership for the ailing bank. This will come after it exhausts private sector solutions such as asset sales and finding a buyer, both of which “appear difficult.”
First Republic lost more than 40 percent of its deposits, approximately $72 billion, in the first quarter of this year. Its shares sank nearly 50 percent as of end-Tuesday. This is according to a Monday announcement by the bank.
The bank has seen record drops over the past month and a half, particularly since the Silicon Valley Bank was closed in March. Multiple big banks have also struggled, however, it looks like First Republic will be falling into the hands of the US government soon.
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Oh shit…
@jon-nyc , do I keep buying?
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https://www.investorsobserver.com/news/qm-news/7252364779339857
Jim Cramer on Apple stock: ‘AAPL can easily blow to $200’
:man-shrugging:
