Wamu is still not set for a come back by Mad Money Crammer

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On April 8, Jim Crammer reaffirmed that, Washington Mutual’s newly raised $7 billion capital didn’t impress Wall Street. The stock’s down about 10% Tuesday despite the news. Even still, Cramer said during Stop Trading!, WM should be “dramatically lower.”

“This stock is radically mispriced,” he said. Washington Mutual
Washington Mutual Inc
WM 11.81 -1.34 -10.19% NYSE “should be between $9 and $10 – max.”

Buyers propping up WaMu – Novice investors following institutional money? Investors who believe the stock’s bottomed? – might be ignoring the poor terms under which the TPG deal was struck and the delusion of the stock, Cramer said. (Watch David Faber’s report for the full story.)

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