Stocks fluctuated Monday as investors awaited details of a coronavirus relief package from Congress and weighed an increase in infection levels in the U.S.
The Dow Jones Industrial Average declined 143 points, or 0.47%, to 30,075, the S&P 500 fell 0.15% and the Nasdaq rose 0.43%. Earlier in the session, the tech-heavy Nasdaq recorded an all-time intraday high.
TheStreet’s Katherine Ross discussed breaking news in the stock market. Cramer spoke about upcoming IPOs like Airbnb and Doordash, AT&T stock and the latest sanctions on China.
Airbnb and Doordash IPO
Airbnb Inc. boosted the price target of its planned IPO Monday with a range that could value the holiday rental platform at around $42 billion. Airbnb said in an amended Securities and Exchange Commission filing that it will price its listing on the Nasdaq at between $56.00 and $60.00 per share, and is $10 higher from the end of its previous estimate. Last week Doordash also raised its price target to between $90 and $95 per share,
Cramer said you have a lot of young people coming in that makes it different from Uber and Lyft where it was still the old guard. “The new guard likes Airbnb very much. They are just going to lap it up. It’s really important to recognize that. They [also] love Doordash. They stay in an Airbnb and order from Doordash. Doordash is now just a duopoly with Uber. They’re both good and you won’t be able to get them unless you pay up.”
AT&T: Buy Or Sell?
Last week, AT&T’s Warner Bros. Picture Group said it would release all its new films on its HBO Max streaming platform concurrently with theater releases in 2021. A move that’s been welcomed by the market so far as the company’s stock has been steadily rising.
Cramer said he’s shocked so many people are buzzing about this stock. “It’s a risky endeavor and it may cost them a lot of money. See, how much it cost Disney (DIS) – Get Report and they’ve got a much better library. It doesn’t make me attracted to AT&T. People are just assuming it’s going to work.”
The U.S. Imposes Sanctions on China
The United States on Monday imposed financial sanctions and a travel ban on 14 Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong last month, Reuters reported.
Cramer said Tesla (TSLA) – Get Report is up 27%, they’ve got a big car coming.”In China, this could be incredibly important. Nike (NKE) – Get Report is going higher. The Chinese players have been going up and up. And they seem to recognize that the President is no longer in charge. The new president is coming in and this will all end. The capricious nature of the president saying these guys are blacklisted, [when he should] focus on people dying. Hate him or like him, he’s done.”