Cramer's Morning Take: New York Community Bank & Powell Testimony 3/7/24

Jim Cramer (0:00)

It's kind of a ho-hum day. We don't really feel like we have anything to stick out other than a bank deal. New York Community Bank with Steve Mnuchin getting involved, the former treasurer secretary. And then Chairman Powell is speaking, and I'm gonna tell you, I think that Chairman Powell's gonna say the same thing over and over again, which is that if the economy gets hot, he'll do something. If the economy gets cool, he'll do something. And that's one of the reasons why we're in such a holding pattern. But it's very reassuring, because what it is is basically a Fed put.

Jeff Marks (0:27)

No, absolutely, jobs report tomorrow, so that will be key to see wage gains, unemployment rate. By the way, S&P is now, thanks to yesterday's move in today, recovered all of Tuesday's losses. Very interesting to see that.

And yet, you know, you mentioned NYCB. You know, what's interesting this year versus last year, last year when the regional banks had issues, the whole group got demolished. Yet, Wells Fargo, new 52-week high today.

Jim Cramer (0:56)

And Wells Fargo is the analog, frankly. Wells Fargo is a regional national bank, which is what Steve Mnuchin wants to do with New York Community. And I have said from the very beginning that you would see when Charlie Scharf got rid of the last consent decree, then this would be the key. Now, what happened is people said, well, they've got all these other consent decrees. This was the one that put the cap on.

They're doing some creative things. The credit card seems to be creative to me.

Jeff Marks (1:20)

Yeah, they've been really focused on credit card. They announced a new one yesterday with some travel perks. So, we'll see there.

But I do want to follow up on a couple of yesterday's stories. Let's start with Footlocker. Obviously, disappointing day, down 30%. Weak Guide, they're stepping up their investments, but the cadence wasn't good either.

Jim Cramer (1:38)

No, and Mary Dillon is still CEO, still sticking by what she thinks is a great opportunity. I would point out, it's their smallest position, and I find it a nuisance.

I am going to spend a lot of time trying to figure out what's the next best name to have. There are a lot of stocks shaking around. I was wanting to wait for the market to get oversold, to initiate anything, because I think that when we find, we just come in and say, today's the day, that's a mistake.

Jeff Marks (2:02)

Yeah, well, I know the charts on Mad Money just the other day from Larry Willis indicated maybe there would be some weakness ahead. We'll see.

Jim Cramer (2:11)

We don't like to buy when they're up. I mean, I just think that when you look at the record of what we've done correct, it's when things have been beaten down.

And if you act then, I think you get a good, like there was like this moment in Walmart where if we weren't in Costco, which reports tonight, I would have said, wow, this is a great opportunity. I'm looking for opportunity on price and opportunity on substance. But you gotta have both if you're gonna have a successful investment.