Cramer shocked by Buffett's investment in "second-rate" Teva

Teva Photo: Reuters

Financial pundit Jim Cramer told CNBC that "It is amazing that Warren Buffett goes for what I largely regard as the worst of the worst."

US media financial pundit Jim Cramer has told CNBC that he was shocked to discover that Warren Buffett's Berkshire Hathaway had invested in Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA). Cramer said, "I regard Teva as a very second-rate generic company that's trying to be better run."

He added, "It is amazing that Warren Buffett goes for what I largely regard as the worst of the worst."

Cramer tempered his comments by adding, "It makes me say reopen that file, maybe they have more than we thought. Buffett does not approach any large buy lightly."

Buffett's Berkshire Hathaway's financial statement showed that the company had bought a 1.2% stake in Teva for $358 million.

Following the news of Berkshire Hathaway's new position, Teva's share price rose 7.66% to $20.81 on Wall Street yesterday, giving a market cap of $21.16 billion. The share price is up a further 1.23% today in premarket trading.

Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Teva Photo: Reuters
Teva Photo: Reuters
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018