Weekly Recap With Jim Cramer: Tesla, Bitcoin, and Twitter
[The Street]
TheStreet recaps the best stories with Jim Cramer from the past week including Tesla buying Bitcoin, how to trade the cannabis sector and Bumble’s debut.
The cannabis sector has been volatile over the past week with some of the more popular names falling this past week. Bitcoin started the week at below $40,000 but is now valued at over $47,000.
Jim Cramer shares his stock market advice every morning on Jim Cramer Today with Katherine Ross. Readers can also read Cramer’s market coverage with the Morning Bell, Stock Market Today and the Mad Money Recap.
Tesla Buys Bitcoin
Tesla announced that it purchased $1,5 billion worth of Bitcoin after its CEO Elon Musk had spent the last few weeks teasing tweets about interest in cryptocurrencies. Cramer recommended buying Bitcoin a while ago and believes this decision is the right one by Musk and Tesla.
How to Approach Bitcoin
Bitcoin has continued to rise in the past week with Mastercard, Microstrategy and Tesla investing in the cryptocurrency. Blockchain-related stocks were rising in the past week as well as a result. Cramer talked about how investors should approach Bitcoin.
A Cannabis Pump and Dump
Sundial Growers increased 161% through trading on Wednesday but fell the rest of the week to finish up over 80%. This led Cramer to believe that investors should avoid Sundial Growers because he’s concerned it’s a pump and dump stock.
How to Approach Cannabis Stocks
Cannabis stocks are running high to start the year and Cramer is concerned that it may be too late to get into several of these popular cannabis names. Cramer continued to be positive on Canopy Growth because he believes Constellation Brands will end up buying all of Canopy and has the distribution for it to succeed.
Twitter Price Target
Twitter was rising after posting better-than-expected fourth-quarter earnings on a recovery in digital advertising, sparking a raft of analyst price-target boosts. Cramer thinks Twitter can rise even higher than its $71 that it ended trading at Friday.
Bumble’s Debut
Bumble started trading this past week and was rising in its first couple of days trading. Cramer likes the Bumble model for dating apps and considers it a potential growth stock.
None of these stocks is a key holding in Jim Cramer’s Action Alerts PLUS charitable trust.
BY DANNY PETERSON