CNBC’s Jim Cramer on Wednesday took aim at market players who bet against some of his favorite stocks.
“Today was a day to celebrate owning the stocks of the best companies out there – not to short them – and, of course, to mourn the short sellers who bet against them simply to be Jimmy Chill contrarians,” the “Mad Money” host said referring to his monicker.
The comments come after a mixed day on Wall Street where the Dow Jones Industrial Average declined more than 100 points, the S&P 500 lost 0.82% while the tech-heavy Nasdaq Composite moved 0.70% higher.
Cramer took a victory lap to highlight some of the session’s biggest gainers, including the stocks of semiconductor maker Advanced Micro Devices, Google-parent Alphabet and Boeing, the troubled plane manufacturer.
“If you ever read my mentions column on Twitter, and be careful if you don’t like scatological phrases, there are always some funny guys 25 hours a day telling you to short anything I recommend,” he said. “I hope they’re just joking because … today [that] would’ve been awful to embrace.”
AMD was the top traded stock in the S&P 500. It finished the session at $97.93 after rallying 7% driven by an earnings beat and raised outlook.
Meanwhile, Boeing and Alphabet shares rose 4% and 3%, respectively.
Out of the three stocks, AMD has the highest short interest with about 7% of its float held by players betting against the stock, according to Factset.
Short selling is the act of borrowing shares of a company in hopes of making a profit on a decline in share price, a practice that has a love-hate relationship with the market.
“You can’t take investing personally. You’ve gotta take a page from Michael Corleone [in ‘The Godfather’] and realize when something’s strictly business,” Cramer said.
Disclosure: Cramer’s charitable trust owns shares of Advanced Micro Devices, Alphabet and Boeing.