Jim Cramer Had These 21 Stocks on His Radar

6. The Boeing Company (NYSE:BA)

Number of Hedge Fund Holders: 96

A caller asked what Cramer thinks of The Boeing Company (NYSE:BA), and he replied:

“I think Boeing goes higher, okay. I think that Kelly Ortberg got a handle on things…. It’s an up stock and when I say that, what it means is that if it comes down, buyers immediately come in, they pounce and they [buy, buy, buy] and I’m with them.”

Boeing (NYSE:BA) is engaged in the design, production, and marketing of various products, including commercial airplanes, military jets, satellites, missile defense systems, and space-related programs. On May 15, Cramer extensively commented on the company as he said:

“Okay… let’s go back to the obvious, Boeing. See, for the longest time, Boeing stock was a pariah because it seemed like they’d forgotten how to make airplanes. Now, we know a couple of things about Boeing. First, it’s one of the only two major aircraft manufacturers in the whole world, the other being Airbus. Second, it had a hideous balance sheet. I mean, just awful… thanks to all the accidents in recent years. As long as it was hobbled by a bad balance sheet, the stock was too dangerous to own, and you were right to be critical.

But in October of last year, Boeing used the capital markets as they are intended, tapping investors for $24.3 billion in stock and bonds. They sold… 112.5 million shares at $143. That was enough to put the balance sheet, let’s say, on even keel so that the company could start playing offense. Now, Boeing just won the biggest order…. It’s a deal the president helped broker when he was in the Gulf.

Every country we trade with wants to extend an olive branch to the White House, and the easiest way to do that is by placing gigantic orders with Boeing. Now the stock’s at $206. The stock rallied more than $60 from its lows last fall. You just needed to be sure the balance sheet was fixed, and suddenly, the loser became a winner, much to the cynic’s dismay.”