Stocks fell Tuesday as Wall Street looked to earnings for indications on the strength of the post-pandemic recovery but a spike in virus cases overshadowed mostly solid corporate results.
TheStreet’s Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about Cathie Wood owned ARK ETF’s stock sale of Virgin Galactic, Fisker upgrade and markets on Tuesday.
Virgin Galactic: Buy Or Sell?
Shares of Virgin Galactic (SPCE) – Get Report fell sharply Tuesday after star money manager Cathie Wood’s ARK Investment Management sold 590,000 shares of the space company.
Cramer said Virgin Galactic was a quizzical sale and he’s not sure what to make of it. “She has had a lot of money come in but… there is a lot of questionable thinking there,” he added.
Fisker: Buy Or Sell?
In a note about the “fiercely competitive” EV industry, analyst John Murphy says that it is “without question that the advent of electric vehicles has arrived.”
Cramer said if everything goes right Fisker could be the next Tesla but it needs to execute. “It’s a very interesting opportunity and I recommend it today,” he said.
Markets on Tuesday
Cramer said interest rates going down have turned around some of the stocks in the market we had. “Procter and Gamble (PG) – Get Report and Johnson and Johnson (JNJ) – Get Report both reported very good quarters and they seem to hold on. Because of this belief that there is some sort of non-inflationary slowdown coming gripping the bond market, Eli Lilly (LLY) – Get Report is up huge,” he said.