CNBC’s Jim Cramer urged viewers to buy Silicon Valley Bank stock last month

Photo: CNBC (Fair Use)

Social media users are once again criticizing CNBC analyst Jim Cramer after a video clip resurfaced in which he suggested that viewers purchase stock in the parent company of Silicon Valley Bank, which owns a tech-focused commercial lending institution that recently suffered a rapid collapse.

“The ninth-best performer to date has been SVB Financial (the bank’s parent company). Don’t yawn,” Cramer told viewers during a Feb. 8 episode of “Mad Money.,” as reported by the New York Post.

Cramer said SVB Financial was among his “biggest winners of 2023 … so far” alongside blue-chip stocks such as Meta, Tesla, Warner Bros. Discovery, and Norwegian Cruise Line.

“This company is a merchant bank with a deposit base that Wall Street has mistakenly been concerned by,” Cramer said in the clip, the New York Post reported.

Cramer noted the fact that the bank was “less dependent upon private equity and venture capital offerings.” He said the stock was the “fourth-worst performer of 2022” though it was worth buying because “being a banker to these immense pools of capital has always been a very good business.”

“The stock is still cheap,” Cramer said. At the time, SVB Financial was trading at $320.40 a share, as reported by the New York Post.

Written by staff