Standard Pacific (SPF) Shares Jumping on Positive Cramer Sentiment (KBH, LEN)

Standard Pacific (NYSE: SPF) shares are trading higher, as Jim Cramer gave some positive sentiment to the company. Shares are trading up 8.25% pre-market today.

Cramer said that the company has a larger exposure to the shaky, sunken California housing market than its peers KB Homes (NYSE: KBH) and Lennar (LNR).

He says the builder is the most speculative of the three due to its California exposure, as well as good exposure in Florida and Arizona. Though the exposure is risky, Cramer says the company has turned itself around, restoring gross margins to 20% or so.

He thinks the company is all about the growth, with a recent $117 million acquisition of land, mostly in California, and at rock-bottom prices. Only two of seven analysts that follow the company rate it a Buy, leaving plenty of room for upgrades.

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