Shares of Levi Strauss have come down to a level that is worth pulling the trigger, CNBC’s Jim Cramer said Tuesday.
As of the close, the stock is down more than 23% from its $24.50 peak in mid-April. Earlier this month, the “Mad Money” host argued that the jean maker’s stock should not have climbed above its $22.22 opening trade price when it returned to public markets in March.
Levi finished the session under $19.
“Guys, now what can I tell you. At $18, you’re getting a bargain,” Cramer said.
The comments came after the host sat down with CEO Chip Bergh to get an update on the company.
Catch the discussion here
More tariffs on the way?
President Donald Trump listens to a question from the news media as he sits behind the Resolute Desk in the Oval Office of the White House in Washington, July 26, 2019.
Leah Millis | Reuters
Cramer said that investors should be prepared for the United States to slap another round of tariffs on Chinese imports.
A tweet from President Donald Trump bashing the country earlier that day confused Wall Street, the host said, causing the Dow Jones Industrial Average to fall more than 23 points and both the S&P 500 and Nasdaq Composite to tumble about 0.25%.
The market would have finished much lower during the session if it weren’t for optimism that the Federal Reserve will cut interest rates on Wednesday, he said.
“If the trade war with China escalates again, we’re going to need these rate cuts,” Cramer said. “Taunting does not a trade policy make. But it sure does sound like we’re about to get another round of tariffs.”
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Wait for the next harvest
Jim Collins, CEO of Corteva Agriscience, a former division of DowDuPont, rings the opening bell at the New York Stock Exchange, June 3, 2019.
Brendon McDermid | Reuters
There is reason to be bullish about Corteva, but Cramer suggested that investors should wait for brighter days before investing in the agribusiness.
“I hope they will deliver a better-than-feared quarter when it reports on Thursday, but hope should never be part of the equation,” the host said. “As much as I do like the company … the sector is having a very rough time.”
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Cramer’s lightning round: The reason why Canopy’s stock is dragging
In Cramer’s lightning round, the “Mad Money” host answers stock questions in front of a live audience.
Tiffany & Co.: “I didn’t like that last quarter … I do think management is good, but it’s not coming around so far. I also think the strong dollar is hurting them.”
Canopy Growth: “No. … I do like that one, it’s the one I like. I like their new management. But understand: there’s a scandal right now that’s bringing that down, but … I do want to buy it. I don’t want to sell it.”
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