Cramer calls Bank of America the ‘Amazon’ of financial stocksLili | January 18, 2019 | 0 | Finance
Bank of America posted the strongest earnings numbers of the big banks so far, CNBC’s Jim Cramer contended Wednesday, while comparing BofA to e-commerce giant Amazon.
“Bank of America is a growth stock after this,” Cramer said on “Squawk Box” after the bank reported better-than-expected profit and revenue for the fourth quarter.
“You know what they are? They’re ‘Amazon’ but they make money,” argued Cramer, apparently referring to how Amazon often plows money back into its businesses which can hurt near-term profitability.
Bank of America shares jumped about 5 percent early Wednesday on quarterly results driven by a strong performance from its consumer-banking business and lower taxes. The BofA report followed J.P. Morgan’s weaker-than-expected earnings Tuesday. Goldman Sachs, Wells Fargo, and Citigroup this week also released quarterly earnings that topped expectations.
Cramer’s charitable trust owns shares of Citigroup, Goldman Sachs, and J.P. Morgan.
Cramer, who predicted last week that Bank of America could surprise to the upside, praised the bank’s efforts into digitization, adding the bank “is the best, is the best so far.” He stressed, “I want to make that very clear.”