Jim Cramer on Apollo Global: “They’ve Made A Lot of Good Deals”

Apollo Global Management, Inc. (NYSE:APO) is one of the stocks on Jim Cramer’s radar recently. During the lightning round, a caller mentioned that they are looking for stocks to hold long-term and inquired about APO. Cramer replied:

“Oh, I think you’re right. I mean, I think that they’re very tough negotiators. This guy, Marc Rowan, welcome on the show anytime. I watched him, only with David Faber. But boy, he seems like a smart fellow, and they’ve made a lot of good deals.”

A person with stock market data on a laptop. Photo by Anna Nekrashevich on Pexels

Apollo Global Management, Inc. (NYSE:APO) is a private equity firm that invests in credit, private equity, infrastructure, real estate, and alternative markets. During the September 30 episode, Cramer mentioned the company and said:

“Finally, there’s Apollo Global Management. This is the toughest one for me to swallow. It’s been hit much harder than the others. It’s been a much worse performer year to date. Apollo’s now trading below its 50 and below its 200-day moving averages at 133. Lang says it faces stiff resistance in the mid-140s and again at 155.

Meanwhile, it’s sitting right on top of the floor support at 130. I don’t want to see it go through that. Lang points out that the on-balance volume down at the bottom started heading in the right direction again a few weeks ago. Well, that would be good. Apollo can get some momentum here, he thinks the stock could perform much better, possibly rallying back to its February highs around 175. With interest rates coming down, he expects this one to improve, maybe dramatically.”

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Disclosure: None. This article is originally published at Insider Monkey.