Jim Cramer says his charitable trust added JPMorgan Chase (JPM) ahead of Friday's earnings report because the firm "is widely considered to be the world's best bank," and should enjoy "superior earnings growth" going forward.
"What excites us with JP Morgan, led by the able CEO Jamie Dimon ... is its earnings power in a rising-rate environment because of its massive deposit base and its ability to profit from the needs of companies to raise capital globally, not just in the United States," Cramer said in an exclusive conference call with members of his Actions Alerts PLUS club for investors. "We expect JP Morgan will have superior earnings growth -- especially during a period of global expansion -- and we know it's widely considered to be the world's best bank."
Cramer added that even if JPM "hits an air pocket" with Friday's earnings, "we're prepared for that, [because] we need to build a position up."
Want to join in on Jim's monthly conference calls? Click here for a free 14-day trial subscription to Action Alerts PLUS and hear all of the latest call, plus get e-mails before Jim makes any trade and enjoy lots of other exclusive material.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.
Email
Email sent
Thank you, your email to has been sent successfully.