Stocks were mostly higher on Wednesday as bond yields stabilized and oil prices rebounded.
Katherine Ross and Jim Cramer from TheStreet talked about the latest news in the stock market. Cramer spoke about exchanging GameStop after earnings, Tesla’s plan to accept Bitcoin payments for its cars and markets on Wednesday.
GameStop: Buy or Sell?
GameStop (GME) – Get report Shares tumbled after the video game company reported fourth-quarter earnings that fell short of estimates and said in a filing that it was considering selling additional shares to fund its “future transformation initiatives and general working capital needs.”
Cramer said Gamestop had an excellent quarter with stellar ecommerce numbers. “They are clearly taking advantage of the stores they want to close. They are closing them. Their two new hires, from Google (GOOGL) – Get report and Amazon (AMZN) – Get report respectively, they look good. They’re doing everything right, so it’s interesting that people are cutting these stocks. “
Tesla and Bitcoin
Tesla (TSLA) – Get report CEO Elon Musk has said that the electric vehicle maker would start accepting cryptocurrency payments in Bitcoin for its cars. He’s not sure if he’s going to change the way people buy cars, but he wants to keep learning from crypto 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 industrial trend will continue to benefit investors. “The action that has been key for this market has been Caterpillar. It is burning but nothing has happened [at the company.] That makes me deeply suspect that this is rotating. But sometimes the rotations are more powerful than the news. “
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