Stocks traded higher Thursday following three days of losses for the S&P 500 and after U.S. jobless claims fell last week to a fresh pandemic low.
TheStreet’s Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade Ralph Lauren after its earnings report, the waning interest in GameStop and AMC and a return to normal in the markets on Thursday.
Ralph Lauren: Buy or Sell?
Shares of Ralph Lauren (RL) – Get Report fell sharply after the apparel and home-products company reported fourth-quarter results that missed estimates. The fashion house also reinstated its dividend.
Comparable-store sales in Asia increased 23% while North America reported a 3% rise in this key metric. But comparable-store sales in Europe dropped 45%.
Cramer said Ralph Lauren is a buy. “The stock has run. When Ralph Lauren is down 11%, that’s when you buy it, not when you sell. I would say buy some now and wait till the end of day around 3.30 p.m., when brokers might try to knock it down,” he said.
GameStop and AMC
“I like the idea that we are in a market where good news translates again into higher stock prices, after a period where the only thing that mattered was GameStop and AMC,” said Cramer.
Cramer said he’s watching the markets return to normal. “We’ve got semiconductor companies that are doing well, like Broadcom’s (AVGO) – Get Report deal with Google (GOOGL) – Get Report and the stock jumps 18%,” he said.
“AMD (AMD) – Get Report follows up with its strength yesterday on an incredible buyback by Lisa Su. I’m seeing Apple (AAPL) – Get Report rally on a really good piece by UBS Evidence Lab that there is tremendous demand for iPhones. I’m seeing tech with some good news and that’s a very healthy sign.”
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