Stock Groups

‘You have no home here’ — Cramer blasts speculative SPACs for taking down the stock market


Jim Cramer

Scott Mlyn | CNBC

CNBC’s Jim CramerWednesday was a day of protest against the role played by speculative SPACs in the recent market decline.

Continue reading “Squawk Box,”Cramer challenged any SPAC-enthusiasts who may want to take on him.

He said, “There’s no more Jimmy Chill when it comes to SPACs.” “You come on our show and you come out with that nonsense … you have no home here, where I am.”

Cramer was increasing the number of comments that he made on Thursday night. “Mad Money,”When he lashed out at the last year’s flood in special purpose acquisition deals and first public offerings.

These newly created stocks and SPACs now kill us. “It’s the excessive supply that is dragging down all the other markets,” Cramer said Tuesday evening. “Broken IPOs have emptied investors’ pockets.”

Cramer elaborated further before Wednesday’s Wall Street Opening Bell. Cramer said, “I’m blessed with a truly great plumber. He’s been my plumber for over 25 years. “If he believes I am going to write him a blank check,” forget it!”

SPACs can also be known as “blank-check” companies, because they are created to merge with private businesses that want to go public. The IPO process is a traditional route to public markets. It tends be more stringent.

Cramer, who also called headlines robot-generated Wednesday, told investors to take a moment and digest all the details before reacting. He said, “It’s revolting that these headlines are being created.” Can people take a deep breath and listen to conference calls before making rash decisions?”

Cramer mentioned the original drop in MicrosoftAfter strong earnings, shares traded in after-hours trading on Tuesday. Stock later soaredAfter the tech giant released rosy forward direction.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.