Lowe’s Companies, Inc. (NYSE:LOW) is one of the stocks that Jim Cramer weighed in on. During the lightning round, a caller asked if they should buy, sell, or hold the stock, and here’s what Cramer had to say in response:
“Marvin Ellison is hitting the ball. He’s doing his best. He got the, Fed chairman won’t cut the rates. We don’t have a lot of housing turnover. You think I’m going to quit Marvin Ellison now? Absolutely not.”
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Lowe’s (NYSE:LOW) is a home improvement retailer that provides products for construction, repair, and decorating. Additionally, the company offers installation services, protection plans, and sells through both physical locations and digital platforms. Cramer mentioned the company in a February episode of Squawk on the Street. He commented:
“Marvin Ellison, go[ing] back and forth with him, this was an excellent quarter. Particularly considering rates, although the rates have come down a little bit. And the lack of housing turnover which is typically been the key metric because when there’s housing turnover you go to Lowe’s, you tend to rehabilitate, you make it so you rennovate. I was struck by the fact that the numbers were [inaudible] are improving. Because Lowe’s is of the [inaudible] of do it yourself. We had good pro numbers from Home Depot, good pro numbers from Lowe’s, something could be on here David. It is not as bad as feared. These two companies are excellent…
… and their [Home Depot] numbers were good, in this environment. Now you gotta look, if you looked at Home Depot, or this, I mean, look everyone was, there was a lot of short money betting against these. I think that when you have a stock that goes down like this you should rethink. But I liked, I liked them…
…I’ve always liked . . .ever since Marv came in. And the Home Depot team, Ted Decker, look these teams, remember these guys take a lot of share too from the mom’s . . .there’s still mom and pop hardware stores that they take. And remember, you’re betting against now they’re Christmas Season, which is going to be, the garden season. Appliances still bad every where.”
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Disclosure: None. This article is originally published at Insider Monkey.
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