CNBC’s Jim Cramer on Wednesday examined the potential ramifications a strike by the United Auto Workers union.
But Cramer said he doesn't think investors should rush to sell off their shares, saying he feels the strike is a one-time cost that these companies can bounce back from. Wall Street, he said, cares about the future more than the past, and he doubts the federal government would allow a strike involving an essential industry to drag on for long.Sign up for NBC LA newsletters.
"If you already own the automakers, don't panic and sell these stocks that are already well off their recent highs, because I think most of the bad news is already baked in," he said."There's only so hard the UAW can push before the White House is likely to step in and force a compromise." Cramer pointed out that the auto stocks are already down from their highs in a short period of time. According to FactSet,
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