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.”
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