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Stocks rose Wednesday, as shares of energy companies outperformed and technology companies, which sold off sharply during the previous session, rebounded.
TheStreet’s Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about the turnaround at Cleveland-Cliffs, Dogecoin and markets on Wednesday.
Cleveland-Cliffs: Buy Or Sell?
Last month, steelmaker Cleveland Cliffs (CLF) – Get Report swung to a first-quarter profit on a tenfold increase in revenue.
“Q1 was just the first full quarter for Cleveland-Cliffs as a fully transformed business, and we have already accomplished a lot,” Chairman, President and Chief Executive Lourenco Goncalves had said in a statement.
Cramer said Cleveland Cliffs has reinvented itself in a fantastic way. He added that the stock could go much higher because the acquisitions were all made at great prices. “They made a lot of moves to get their company into good shape,” he added.
Dogecoin
Dogecoin, the digital currency with a dog as its logo that began as a joke, was soaring again Wednesday, up 38% to 67.07 cents, according to CoinDesk.
Cramer said with Dogecoin there is no supply so you should be taking profits and recycling into other things. “The reason why it ends badly is that when there are no sellers whatsoever that means there is going to be a moment when there’ll be nothing but sellers. So, it’s good to scale out if you own some Dogecoin,” said Cramer.
Wednesday’s Market
Cramer said he’s watching a couple of stocks like Marvell Tech (MRVL) – Get Report, Advanced Micro Devices (AMD) – Get Report, Broadcom (AVGO) – Get Report that are trying so hard to stay above water. “They’re all hanging by a thread. They’re down from where they opened. This is an important retest and I think the test is going to hold,” he added.
AMD, Broadcom and Marvell are key holdings in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer adds or removes stocks from his portfolio? Learn more now.
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