Central European Media Enterprises (CETV) shares will pop sharply on the open and likely be volatile for a couple of days because Jim Cramer mentioned it as a buy on his popular CNBC show Mad Money. Cramer moves stocks because he has lots of followers. He also has lots of detractors which is why I expect some volatility. Cramer’s newfound bullishness on CETV is based upon the planned opening of a casino in Slovenia by global gaming giant Harrah’s Entertainment. Cramer wanted a more direct play on Slovenia which led him to CETV.
I have a long standing low $60s target on CETV. It is a thinly traded stock subject to big moves in either direction. I plan to put in an order to sell about one-third of client holdings around $59 this morning just in case the pop off Cramer’s comments gets out of hand. CETV is the largest individual stock holding in most client accounts so if this sale goes through, it will just be a trimming action to capture profits as has been done with several other Northlake holdings over the past few months.
A summary of Cramer’s comments on CETV and some additional thoughts are in the “Extended Comments” section