Stocks rose Thursday after jobless claims fell to a fresh pandemic low and core capital goods orders in the U.S. rose more than forecast.
TheStreet’s Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about meme stocks, Best Buy and inflation.
Cramer noted that he had recommended Beyond Meat (BYND) – Get Report to the Reddit crowd and the stock is higher on Thursday. From that action, he concluded that
“there’s been some bizarre rapprochement” between the WallStreetBets crowd and him.
“I think they respect my work and I am trying very hard to respect their work,” Cramer said.
“I do believe their game is not to have a stock go up but to destroy the sellers. So I suggested last night that if you’re a seller, walk away, why be destroyed by this outfit. And if you take a look, AMC, those who walked away are making fortunes. So obviously my admonitions are being heeded.”
Best Buy: Buy Or Sell?
Shares of Best Buy (BBY) – Get Report moved up after the consumer-electronics retailer reported fiscal first-quarter earnings that beat expectations and raised its full-year comparable-sales guidance.
Cramer said Best Buy didn’t revise the outlook for the second half of the year, which is why the stock may finish down for the day. “Best Buy is doing phenomenal; there is a lot to recommend. And the stock is a buy,” he added.
Cramer said Thursday could be the day that markets start reacting to inflation because it’s so palpable.
“Despite extreme inflationary measures, the interest rates just won’t comply. I totally understand that rates should be going up because of inflation. Food costs are killing us,” he added.