As Markets Plunged, Jim Cramer Earned at Least One Lucky Investor Half a Million Dollars Today
The Dow Jones plummeted some 996 points at one point this afternoon following worries about the Greek debt crisis. The massive sell-off was exacerbated by auto-sells when stock prices hit below certain amounts and also a potential error by a trader at Citigroup in which “someone entered a ‘b’ for billion instead of an ‘m’ for million in a trade. Multiple sources confirmed the report to CNBC and CNBC.com.” As all of this unfolded, CNBC’s Erin Burnett and Jim Cramer were on the air, commenting on the proceedings. As an example of how ludicrous the sell-off was, Burnett pulled up the stock price for Proctor and Gamble, which at one point had declined some 31% to around $42 (it had closed just above 62 yesterday). Cramer said that a major error had occurred, but a smart trader who could move quickly should put in a bid at 49.25 for 50,000 shares (or “if I were still at my hedge fund”). As the market quickly rebounded, the P&G price jumped back up to normal levels, and at least one guy out there made a lot of money. “That guy owes me a lot. I’d like dinner tonight Ruth’s Chris,” Cramer says. Watch the crazy video after the jump.