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Money Cramer: Buying GE was one of my biggest mistakes ever

08:52  14 november  2017
08:52  14 november  2017 Source:   cnbc.com

Marcell Dareus joins Jaguars, says ‘it feels good to be wanted’

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Jim Cramer : Owning General Electric is one of the biggest mistakes of my career. CNBC. Cramer also calls GE 's forecast of free cash flow between billion and billion "suspect," adding some analysts were skeptical.

General Electric has a lot that’s wrong with it and the stock is not worth per share, CNBC’s Jim Cramer said Monday. Cramer , whose charitable trust owns the stock, said, “ GE is one of the biggest mistakes of my career.”

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General Electric has a lot that's wrong with it, and the stock is not worth per share — around the level where it opened on Monday, CNBC's Jim Cramer said. Shares of GE were off sharply — and even went below per share in early trading — after the conglomerate said before the market

CNBC's Jim Cramer says owning General Electric shares through his charitable trust was a big mistake , after the company announced major changes to its board, dividend and earnings outlook. 05:03 | 5 Hrs Ago. Dow stock Walmart looks like a buy into earnings.

General Electric has a lot that's wrong with it and the stock is not worth $20 per share, CNBC's Jim Cramer said Monday.

Quotes in the article

General Electric Co

GE

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How BIG is General Electric ? Warren Buffett: Mistakes Made At GE | CNBC - Продолжительность: 9:36 CNBC54 952 просмотра. Inside Jim Cramer 's Porfoilo?

Not long after on CNBC's "Squawk on the Street," Cramer called his investment in GE " one of the biggest mistakes of my career." After all, GE spent billions buying into the energy and power markets at their peaks, Cramer said.

19.02
-1.47
-7.17%
Honeywell International Inc

HON

146.72
+0.97
+0.67%

Shares of GE were off 8 percent, below $19 per share, after the conglomerate said before the market opened that it would cut its quarterly dividend in half to help free up capital to fund a turnaround. GE also announced an aggressive corporate restructuring.

Cramer, whose charitable trust owns the stock, said, "GE is one of the biggest mistakes of my career." Last month, when speculation about the dividend cut and some sort of restructuring were circulating, Cramer had said, "Rarely have I felt this stupid," while questioning what investors should do with the stock.

"I don't want to talk against my [investment], but I don't know how it's possible anyone thinks it should be worth $20," Cramer said. "There's just a lot that's wrong." It should be "a 17 times earnings" stock, he added. GE said it now sees adjusted earnings for the year ahead of between $1 per share and $1.07 per share.

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Buy , sell or hold General Electric ? It depends on whether new CEO cuts the dividend, explains TheStreet's Jim Cramer . But now, Cramer said Immelt's departure and Flannery's arrival leave him unsure what to do with the GE shares Cramer 's charitable trust owns.

Jim Cramer talks General Electric and sell-off threats in a strategy session with callers. Cramer , whose charitable trust owns shares of GE , has admitted that investing in the company was one of the biggest mistakes of his career.

Cramer also calls GE's forecast of free cash flow between $6 billion and $7 billion "suspect," adding some analysts were skeptical. If new Chairman and CEO John Flannery "is approaching this pretty vigorously, why not just lower it [even further] if that's the case?" he asked.

There are divisions in the company that are not "up to snuff," Cramer said. But he added Flannery is a "no-nonsense guy" who has acknowledged GE's problems.

"Even though there is a lot that's not great here, Flannery is going to make it look like a regular company," Cramer said.

"You're going to be able to look at it and say maybe it's not where Honeywell is but it can get there," he said, referring the very different story at industrial rival Honeywell, which has seen its stock surge 25 percent this year compared to GE's 37 percent decline since in 2017.


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