Jim Cramer told Mad Money viewers last week that good things that are quite uncommon in routine life occur daily in the stock market. In the Lighting Round of the show, Cramer listed Washington Prime Group (NYSE:WPG) and American International Group (NYSE:AIG) as his favorite stocks for the week.
Washington Prime Group (NYSE:WPG) is a retail real estate group that would own a wide variety of commercial real estate properties including malls and strip centers. Cramer suggested investors to go with Washington Prime because of its 5% yield and its competitive performance against Developers Diversified Realty. There is no doubt that Washington Prime Group (NYSE:WPG) is a new group started by Simon Property Group owing 98 shopping centers but the company holds a well-diversified portfolio with strong foundation and stable cash flows.
Washington Prime Group (NYSE:WPG) announced its second quarter 2014 results on August 8, 2014 and with an increase of 3.1% in net operating income (same property) as compared to the second quarter 2013. The company announced Funds From Operations (FFO) of $41.3 million and net attributable income of $69.8 million.
When it came to American International Group (NYSE:AIG), Cramer was in support of American International Group (NYSE:AIG) primarily because of the excellent quarterly result of the company. American International Group (NYSE:AIG) reported a profitable quarter with net attributable income of $3.1 billion and diluted EPS of $2.10. Some interesting facts from the second quarter 2014 include attributable operating income of $1.8 billion (after-tax) with $1.25 diluted EPS. Further, the company received loan repayments and dividends worth $1.6 billion in this quarter. American International Group (NYSE:AIG) allocated funds of $2 billion for the fiscal and purchased shares worth $1.1 billion in this quarter.
This article has been written by Prakash Pandey and edited by Serkan Unal