Stock Market Today With Jim Cramer: Prepare for Biden

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Stocks were mixed Friday following the week’s post-election rally as the U.S. added more jobs than expected in October the vote count for the White House continued, and coronavirus cases in the country spiked.

© TheStreet Stock Market Today With Jim Cramer: Prepare for Biden

TheStreet’s Katherine Ross discussed breaking news in the stock market. Cramer spoke about T-Mobile’s surge in subscribers, the latest jobs report and the impact of a potential Biden presidency.

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T-Mobile: Buy Or Sell?

T-Mobile shares rose after the telecom-services giant, touting 2 million subscribers added, posted better-than-expected earnings and guidance.

The company added 2.03 million subscribers in the third quarter. Of them, 1.98 million were postpaid customers, which generally are more valuable to the telecom-service providers than prepaid customers because they’re less likely to switch to rival providers.

Cramer said investors should pay attention to their signups. “The sign-ups are incredible. I can’t even figure out where these signups are coming from. This is one of the great momentum stories and people keep thinking the momentum has to run out. But T-Mobile keeps finding customers. Maybe it’s just the nature of the beast but it was a remarkable number.”

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Jobs Report

The U.S. economy added more than 600,000 new jobs last month, the Commerce Department said Friday, while the headline unemployment rate tumbled to 6.9%.

Cramer said what mattered was where the jobs were being created. “And the jobs are being created in hospitality, restaurants. They’re being created where you think they wouldn’t be. And I think these numbers were deeply affected by a belief that we were done with covid. And that covid won’t spike again. I think that part is not going to hold because it is weather-related and this is seasonal hiring because of the outdoor nature of restaurants.”

Potential Biden Presidency

Reports said that Democratic presidential nominee Joe Biden has pulled ahead of President Donald Trump in Georgia and Pennsylvania, key battleground states that could secure the White House for the Democratic challenger.

Cramer said, “The president has said over and over again that Biden wants a lockdown. He’s said it repeatedly and emphasized it that Biden wants to close everything. That’s not true. Biden does favor what the scientists want.”

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This article was originally published by TheStreet.

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