Quarterly earnings on Thursday morning continued to beat Wall Street expectations, but the three major indexes ticked up less than 0.5% after weekly job losses hit their lowest levels since March highs.
The Dow Jones Industrial Average rose 41 points, or 0.15%, to 28,252, the S&P 500 gained 0.12% and the Nasdaq was down 0.22%.
TheStreet’s Katherine Ross discussed breaking news in the stock market on Street Lightning. Cramer spoke about Fisker, Whirlpool and Southwest.
Southwest: Buy Or Sell?
Southwest (LUV) – Get Report on Thursday posted its biggest quarterly loss ever as the coronavirus pandemic continued to pummel air travel, though the airline said it was retaining cash as it continues to both cut costs and trim back its critical cash-burn rate.
Cramer said the business traveler will come back if you close deals better and without Zoom. “Southwest stock is up and I think that’s terrific. They’re losing money but doing so much better than everybody else. Right now, what’s happening is business people don’t want you to come to see them because they’re afraid you’ve COVID. Once we beat this people will travel again.”
Whirlpool: Buy Or Sell?
Whirlpool (WHR) – Get Report on Wednesday posted a better-than-expected quarterly profit, as robust demand for home appliances helped it navigate the coronavirus crisis.
The company forecast a smaller drop in sales for the year and reinstated earnings targets.
Cramer said Whirlpool has had a magnificent quarter. “The stock is barely up. I think it’s because of the market. It’s a great opportunity to buy if the stock goes down because the company has got a good dividend, it’s getting bigger, has got good forecasts. The company is having a hard time getting all the supplies it needs. They are doing unbelievably well.”
Robinhood Investors Love Fisker
Electric vehicle company Fisker Inc. is reportedly in talks to go public through a sale to a so-called blank-check company since this summer.
Spartan Energy Acquisition Corp. which is backed by the New York private equity firm Apollo Global Management is leading a bidding war among blank-check companies for Fisker.
It could clinch a deal for close to $2 billion as early as next week, Reuters reported in July, citing sources.
Cramer said Fisker will be a buy when it goes public because people are so fervid about it. “Should it be a buy, no, because it’s more of a business plan. Will it be a buy, yes, because the people are so fervid about it. So you’re really judging the crowd, the shareholder base, not the company. And we saw that with Tesla. Robinhood investors will go to Fisker instead of Tesla they love it.”
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Read More: Stock Market Today With Jim Cramer: Zoom Will Hurt Southwest