Cramer calls on traders to guess towards Alphabet, AMD and Boeing
CNBC’s Jim Cramer on Wednesday targeted market participants betting against some of his favorite stocks.
“Today was a day to celebrate owning the stocks of the best companies out there – not to buy them short – and of course to mourn the short sellers who bet against them just to be Jimmy Chill opposites,” the Mad Money ”presenter said, referring to his nickname.
The comments come after a mixed day on Wall Street with the Dow Jones Industrial Average falling more than 100 points, the S&P 500 down 0.82%, while the tech-heavy Nasdaq Composite rose 0.70%.
Cramer drove a winning lap to highlight some of the session’s biggest winners, including stocks in semiconductor maker Advanced Micro Devices, Google parent Alphabet, and Boeing, the troubled aircraft maker.
“If you’ve ever read my mentions column on Twitter and be careful if you don’t like scatological phrases, there are always some funny guys out there telling you 25 hours a day to cut everything I recommend,” he said. “I hope you’re kidding because … today [that] would have been awful to hug him. “
AMD was the top-traded stock on the S&P 500. It ended the session at $ 97.93 after rising 7%, fueled by a profit hit and an elevated outlook.
Meanwhile, shares in Boeing and Alphabet rose 4% and 3%, respectively.
Of the three stocks, AMD has the highest short positions, according to Factset, with roughly 7% of its float held by players betting against the stock.
Short selling is the process of borrowing stocks of a company in the hope of making a profit if the stock price falls, a practice that has a love-hate relationship with the market.
“You can’t take investments personally. You have to take a side from Michael Corleone [in ‘The Godfather’] and recognize when something is purely business, “said Cramer.
Disclosure: Cramer’s nonprofit trust owns shares in Advanced Micro Devices, Alphabet, and Boeing.
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