Jim Cramer says Toyota stock good bet. Big 3? Not so much.
If you've got some cash tucked away somewhere not doing anything (and not already invested in AAPL), Jim Cramer said Tuesday that Toyota is his favorite automotive pick. Actually he said, " BUY! BUY! BUY!"
Cramer says that while General Motors and Ford are busy cutting staff and production, Toyota is spending to ensure future growth. He expects Cerberus to take Chrysler down a similar path as GM and Ford, which will make Chrysler "a teeny-tiny little auto company."
"Do you want to buy Ford? Or maybe GM? What, are you nuts!?" Cramer said. "There is only one large car company that will be left in the United States when this is through, and that company is Toyota." He went on to say Toyota stock is in a downturn currently only because of a conservative forecast. But Cramer says the company is underpromising so it can overdeliver. "GM may be the largest single buyer of Viagra for its workers, but Toyota may soon be the largest buyer of cold-rolled steel. To actually make cars!" Ouch.
Watch the video (free subscription) to hear more of the TV show host's insight and to see him slap a Toyota logo to his forehead. Oh, and he suggests Toyota could sell more Tundras if they just made it "one large gunrack."
Toyota closed Thursday at $121.50, down $1.01; Ford closed down 1 cent at $8.75 and DaimlerChrysler down $.68 at $86; and General Motors closed down $.15 to $31.59. Honda was unchanged at $34.45.
[Source: CNBC's "Mad Money" via The Street]
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