Stocks declined Monday as Wall Street measured inflation risks and the implications a global tax agreement would have for the biggest technology companies in the U.S.
TheStreet’s senior portfolio analyst, Jeff Marks, and Jim Cramer discussed breaking news in the stock market. Cramer spoke about AMC Entertainment, the return to the New York Stock Exchange floor for the first time since the pandemic, and Monday’s market.
AMC Entertainment: Aron’s Opportunities
In his RealMoney column on Monday morning, Cramer said AMC Entertainment (AMC) – Get Report, which normally would be crushed by the stock sales, roared higher as meme-stock investors just kept buying. “The higher it goes, the more likely that [CEO] Adam Aron can pay down debt – which is accretive – and buy every chain in the country,” he wrote.
Cramer said Aron has raised more than $1 billion, which pays down a lot of debt. But more important, Aron is playing offense thanks to the meme-stocks people, who believe in him. “The higher the stock goes, the more options he has,” said Cramer.
Return to the NYSE Floor
It’s been a year since Cramer was on the floor of the Big Board. “It is difficult for people to understand the concept of capitalism,” Cramer said. “We have meme stocks and crypto but we have companies that raise money and companies that come public and companies that do stocks trade. … This is as close to the action as you’re going to get.”
Cramer said the key to the market for him is still the Nasdaq. “We need to see AMD (AMD) – Get Report not get beaten down by Nvidia (NVDA) – Get Report. … We need to see all sorts of technology stocks keep up with what I regard as a runaway industrial market,” he said.