Stocks traded higher Friday and tech stocks rebounded after bond yields steadied.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade Costco, the jobs report and markets on Friday.
Costco: Buy Or Sell?
Shares of Costco (COST) - Get Report fell on Friday after the wholesale retailer's earnings missed analysts' forecasts on costs related to higher wages workers received during the COVID-19 pandemic. Wall Street analysts were cutting their price targets for Costco.
Cramer said Costco is a buy and added that the shares of the retailer will go lower. "It's not contradictory. I want to buy it as it goes down. The company has 108 million members, it's going to open a dozen stores, some in the U.S., some all over the world. Costco is giving up everything it gains."
Jobs Report
The U.S. economy added nearly 400,000 jobs last month, the Labor Department said Friday, triggering a renewed rise in government bond yields as investors bet on a faster post-pandemic recovery.
Cramer said the numbers don't indicate that an economic recovery is underway as the Black unemployment rate rose to 9.9%. "That's unacceptable. We can't be two countries. You've got to lay things down and help that minority group. I have been very against sending $1400 checks to people who have jobs. I'd rather send $5,000 checks to people who don't have jobs."
Markets on Friday
Cramer described Teladoc (TDOC) - Get Report, Tesla (TSLA) - Get Report, Square (SQ) - Get Report, and Roku (ROKU) - Get Report as hope stocks after ARK Invest's fund manager Cathie Wood bought shares in these companies. "But there are people who have decided that betting against ARK is a great way to be able to hedge your portfolio. If interest rates go down the situation could reverse quickly and hurt short-sellers selling these stocks. It's a giant tug of war. And right now interest rates are moving in the direction that favors Cathie."
Costco is a key holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stock? Learn more now.
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March 06, 2021 at 03:09AM
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Stock Market Today With Jim Cramer: Tesla and Square Are Hope Stocks - TheStreet
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