Re/Max up 38 percent from IPO price, Cramer says 'sell'

Shares in real estate franchisor Re/Max bucked a difficult day for markets today, rising 12.7 percent to close at$30.43 in the company’s second day of trading on the New York Stock Exchange. That’s a 38 percent gain for investors who bought in at the initial public offering price of $22.

The Street’s Jim Cramer is taking a cautious attitude, rating Re/Max a sell. Like investors who sold off shares in other companies this week, Cramer said he’s worried about the impact that a U.S. default would have on real estate in general. Source: