Stocks are falling Friday as U.S. treasury yields continue rising, hitting the Nasdaq the hardest as the tech-heavy index is down over 400 points Friday morning.
In the last episode of Mad Money, Jim Cramer said he thinks Fed Chair Powell’s right to trade higher inflation for lower unemployment. What does it mean for investors?
TheStreet’s Katherine Ross and Cramer are talking about Shopify, Morgan Stanley’s plans to trade Bitcoin, and market absurdities from Thursday.
Shopify: Buy Or Sell?
Todd Gordon, founder of TradingAnalysis.com told CNBC that Shopify (SHOP) – Get Report has a 52% upside ahead. “It’s the leading digital e-commerce engine for small businesses, that allows their business to access multiple channels,” Gordon said earlier this month.
The Canadian e-commerce-management platform unveiled a US$1.55 billion share offering in February and shares have been slipping.
Cramer said Shopify if it were down more, would be a much easier call to buy. “Their business is going to be huge this year. They are the second largest e-commerce play after Amazon in the Western world. Shopify has been creating new businesses at an incredible clip. The business can be great but the stock may not be great. Let it come down.”
Bitcoin
Morgan Stanley (MS) – Get Report will likely be the first top-tier U.S. bank to offer individual customers ownership of bitcoin through funds, CNBC reported.
Cramer was glad to hear Morgan Stanley was getting into Bitcoin trading but he added that banks need to get ahead of companies like Square (SQ) – Get Report and PayPal (PYPL) – Get Report.”There is data that shows that young people who got stimulus checks last time, bought slivers of Bitcoin even more than stocks. And that’s business that went to Square and to the cash app. That could have gone to Morgan Stanley.”
Markets on Thursday
Cramer said people who don’t care about the bond market and Federal Reserve chair Jerome Powell’s remarks and are just buying stocks are winning. “Those people are investing in index funds like the S&P 500 and they are the trampoline or the safety net. And the marginal buyer now is the younger buyer — the 17 million on Robinhood.”
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