Stock Market Today With Jim Cramer: Tesla and Bitcoin

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Stocks traded mostly higher Wednesday as bond yields steadied and oil prices rebounded.

TheStreet’s Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade GameStop after earnings, Tesla’s plan to accept Bitcoin payments for its cars and markets on Wednesday.

GameStop: Buy Or Sell?

GameStop  (GME) – Get Report shares plunged after the video game company reported fourth-quarter earnings that missed estimates and said in a filing that it was considering selling additional equity shares to fund its “future transformation initiatives and general working capital needs.”

Cramer said Gamestop had an excellent quarter with stellar e-commerce numbers. “They are clearly taking advantage of the stores that they want to close. They are closing them. Their two new hires, from Google  (GOOGL) – Get Report and Amazon  (AMZN) – Get Report respectively, look good. They’re doing everything right, which is why it’s interesting that people would short this stock.”

Tesla and Bitcoin

Tesla  (TSLA) – Get Report CEO Elon Musk has said that the electric vehicle maker would begin accepting cryptocurrency payments in Bitcoin for its cars. He’s unsure if it’s going to change how people buy cars but he wants to keep learning from cryptocurrency experts like Anthony “Pomp” Pompliano.

Cramer said digital payments company Square  (SQ) – Get Report is the most important voice here because it lets people buy a piece of Bitcoin. He also added that Musk is a pioneer.

Markets on Wednesday

Cramer said the trend of industrials will continue to benefit investors. “The stock that has been key to this market has been Caterpillar. It is scorching but nothing has happened [at the company.] That makes me deeply suspicious that this is rotational. But sometimes rotations are more powerful than news.”

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