The ‘inverse Cramer’ crowd is celebrating another win Tuesday.
Inverse Cramer has seemingly struck again as another equity the seasoned stock picker is bullish on bottoms out.
Shares of First Republic (FRC) – Get Free Report hit a record low Tuesday after the lender, which found itself at the center of March’s banking crisis, saw deposits fall by $72 billion, or 40% during the quarter.
DON’T MISS: Is First Republic Bank the Next Domino to Fall?
Despite the disappointing results, Cramer saw the bank’s quarter in a positive light.
The crowd that purports to trade against every bullish piece of advice Cramer gives was out taking their victory laps on Twitter.
First Republic shares were marked 28.8% lower in early afternoon trading Tuesday following last night’s earnings release to change hands at $11.38 each. The stock hit a record low of $11.20 each earlier in the session.
The bank added that it is “pursuing strategic options to expedite its progress while reinforcing its capital position” while planning job cuts that would eliminate around 20% to 25% of its overall workforce.
Standard & Poor’s, which had lowered First Republic’s credit rating into ‘junk’ status in the days following SVB’s collapse, cut it by a further three notches to B+ on March 19, saying the bank continues to face “high liquidity stress with substantial outflows”.