Jim Cramer Advises His Viewers On Bank Of America, Verizon And Arconic

Jim Cramer said on CNBC's "Mad Money" that Bank of America Corp (NYSE:BAC) benefits more than any bank from the interest rate hikes. He explained that investors currently believe two interest rates hikes might not happen and that is why they are selling Bank Of America.

Verizon Communications Inc. (NYSE:VZ) has no growth and last quarter was very bad, said Cramer. He added that it yields 5 percent and he isn't concerned about cash flow. Cramer believes that if the company doesn't come up with a way to grow, the stock price is going to continue to decline, until the dividend yield reaches 5.5 or 6 percent.

Cramer is on the side of Elliott Management Corp. and he would vote with the insurgence and not with the management of Arconic Inc (NYSE:ARNC).

Correction: A previous version of this story stated that Elliot was in a proxy fight with Alcoa Corp (NYSE:AA).