The shares traded higher on Wednesday, with bond yields stabilizing and oil prices rebounding.
TheStreet’s Katherine Ross and Jim Cramer discussed the latest stock market news. Cramer talked about how to trade GameStop after profits, Tesla’s plan to accept Bitcoin payments for its cars and markets on Wednesday.
GameStop: buy or sell?
GameStop (GME) – Get report the shares plummeted after the video game company reported fourth-quarter earnings that failed to meet estimates and said in a document that it was considering selling additional shares to finance 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 they want to close. They are closing. Their two new hires, from Google (GOOGL) – Get report and Amazon (AMZN) – Get report respectively, to look good. They are doing everything right, which is why it is interesting for people to sell these shares. “
Tesla and Bitcoin
Tesla (TSLA) – Get report CEO Elon Musk said the electric vehicle maker would start accepting Bitcoin cryptocurrency payments for its cars. He’s not sure if it will change the way people buy cars, but he wants to continue 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 allows people to buy a piece of Bitcoin. He also added that Musk is a pioneer.
Markets on Wednesday
Cramer said the trend for industrialists will continue to benefit investors. “The stock that has been instrumental in this market has been Caterpillar. It’s scorching, but nothing happened [at the company.] This makes me deeply suspicious that this is rotational. But sometimes the rotations are more powerful than the news. “
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