Stocks traded higher Thursday after the number of Americans filing for first-time unemployment benefits declined more than expected and U.S. manufacturing expanded but at a slower pace.
The jobless claims figures were released a day ahead of the official U.S. jobs report for June. The Labor Department will issue the nonfarm payrolls report ahead of Friday’s stock market open.
Jim Cramer Keeps an Eye on Main Street
Technology has allowed everybody to scale. Earlier on, the only companies that could scale would be brick-and-mortar, Cramer said on Thursday from the floor of the New York Stock Exchange. “High-speed fulfillment for anyone” is now possible, thanks to big tech.
In a Real Money column on Wednesday, Cramer argued that there’s a very simple reason to keep your eye on Main Street: Small businesses are the ones doing the hiring.
“They grow the top line by hiring. They need people to make more and sell more,” Cramer wrote in a Real Money article Thursday.
Krispy Kreme Isn’t the Right Bite, Cramer Says
The initial public offering of Krispy Kreme (DNUT) – Get Report priced at $17 a share, well below the estimated price range of $21 to $24. The doughnut chain raised $500 million in the offering, below expectations of $640 million.
Krispy Kreme sold more than 29 million shares in the IPO, more than the planned sale of 27 million. The stock has a valuation of just below $2.8 billion.
Jim Cramer isn’t biting.
“The market’s not going that way. What sells is things that are not fattening. I think that Krispy Kreme is just playing on its name; people know its name. But it’s not the stock to buy,” Cramer said.