Shares of Irvine-based homebuilder Standard Pacific Corp. rose Wednesday a day after being talked up by Jim Cramer.
Standard Pacific’s stock closed up nearly 5% to a market value of $525 million.
On Tuesday, Cramer said Standard Pacific could benefit from its heavy presence in California as the state’s housing marketing rebounds.
Cramer, host of CNBC’s “Mad Money” TV show, said Standard Pacific has turned itself around after being a near-casualty of the housing downturn.
Standard Pacific has spent the past few years downsizing, striking a lifesaving investment deal and reworking debt. It’s now buying land to build homes on, including in California.
