Stocks opened higher Wednesday, though the Dow quickly turned negative, after the Nasdaq Composite and S&P 500 both closed at fresh highs Tuesday.
The S&P 500 has marked 50 record highs in 2021 so far, putting the index on track for its best run in 26 years, according to Bespoke Investment Group. In 1995, the S&P 500 saw 77 record highs.
Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed GameStop (GME) – Get Report, AMC (AMC) – Get Report, retail earnings and much more.
Watch the full interview with TheStreet Live at 10:00 a.m. ET in the video below:
Brick-and-Mortar Strikes Back?
After a slew of retail earnings last week that included Walmart (WMT) – Get Report, Target (TGT) – Get Report, Lowe’s ((LOW)) – Get Report and more, Best Buy (BBY) – Get Report, Nordstrom (JWN) – Get Report, Dick’s Sporting Goods (DKS) – Get Report, Urban Outfitters (URBN) – Get Report and more joined the pack this week.
What do some of these names share in common? An ability to adapt, survive and thrive.
Cramer took to Real Money Tuesday to write that despite the apocalyptic predictions from many on Wall Street as Amazon (AMZN) – Get Report, the Death Star, disrupted the consumer experience forever, a little innovation kept brick-and-mortar retail out of Amazon‘s death ray.
“The truth is, though, the days when Amazon is Death Star are over. The retailers remaining have their force field and their shields and they are beaming Amazon‘s projectiles right back at the once impossible to stop retailer,” Cramer wrote.
A New Hope for GameStop and AMC?
GameStop and AMC caught Cramer’s attention Tuesday with both stocks surging upwards of 20% each without a clear news catalyst.
Roughly 14 million GameStop shares traded, more than 10 times the amount typically traded over the past five sessions, per Bloomberg. Over 200 million shares of AMC stock traded, marking the stock’s largest trading volume since mid-June.
As of the open of trading Wednesday, GameStop was down 2.53% to $204.98 and AMC was up 4.18% to $46.11.
The Return of Cramer’s AAP Call
Today is the Day.
Cramer’s Action Alerts PLUS members-only investing call kicks off Wednesday, August 25 at 11:30 a.m. E.T.
Cramer will reveal his latest worldview, review the entire AAP portfolio with senior analyst Jeff Marks and, most importantly, answer your questions.
Not a member? Here’s how to watch.