Last month, an ex-Coinbase employee was arrested and charged for an alleged insider trading scheme. “Never take financial advice from Jim Cramer!” crypto podcaster Tony Edward tweeted. If Jim Cramer is recommending the stock I will never buy,” tweeted accountant and financial news analyst Genevieve Roch-Decter.Īnother Twitter user noted: “Just one week after Jim Cramer became bearish on Coinbase, the stock ripped 89%.” “I don’t care if a company is the next Amazon. The sharp rise in Coinbase stock price prompted critics on Twitter to dunk on Cramer.ġ week later Coinbase rips. The crypto exchange announced on Thursday that it has entered into a partnership with investment giant BlackRock, the world’s largest asset manager, which will allow its institutional clients to buy digital currencies such as bitcoin. In the last five days, the company’s stock has risen by more than 50%. Twitter users then posted screenshots showing Coinbase’s stock price soar by more than 16% on Thursday to above $106 a share.Ĭoinbase was trading at around $92 a share on Friday. But they were always hoping to avoid SEC scrutiny.” On July 26, Cramer tweeted: “The Coinbase roll over on a possible SEC investigation is very bad news given that we don’t even know what it’s about. ![]() Jim Cramer was the target of ire on social media on Friday after crypto trader Coinbase’s stock shot up just a week after the CNBC finance guru warned of an SEC probe into the company. Meta shares nearly doubled to $180 since Jim Cramer apologized to viewers on air ‘Inverse Cramer’ ETF lets investors bet against CNBC anchor’s stock picksīed Bath & Beyond sells $1B in preferred stock to avoid bankruptcy: report In fact, you might even want to join them.CNBC’s Jim Cramer ripped after he urged viewers to buy Silicon Valley Bank stock just last month Until more of these boxes get checked, respect the sellers. But this checklist will give us a real good feel. "Unfortunately, this Presidents Day sale doesn't feel like it's over. I don't even know if we can get all six of these," Cramer said. The market needs to be much more oversold as measured by the S&P oscillator, which helps direct investor behavior in times of big upswings or downturns.He pointed to Walmart, which reported positive fourth-quarter results, versus Home Depot, which released disappointing fourth-quarter earnings. Retailers need to identify the industry's winners and losers.As long as interest rates do not rapidly spike, Cramer said that banks can bring a lot of value by coexisting with higher rates. Recession-resistant stocks like PepsiCo and Merck need to rebound, which Cramer said is on its way.Anomaly stocks that are trading disproportionately high, many of which are in the tech sector, need to come down.The benchmark 10-year Treasury yield increased to 3.9% on Tuesday, while the 2-year rate rose to 4.7%. The accelerated rise in Treasury yields must slow down.In order for the sell-off to end, according to Cramer, six things need to happen: ![]() That's why the selling is so aggressive," he said.Īs the market swings the other way, in what Cramer called a "Presidents Day sale," he said the downturn might not be just a one-day affair. "Now that we're getting discouraging data on the inflation front, much of the buying, well, it needs to be unwound. Cramer said the aggressive selling is a reaction to Wall Street buying too much earlier in the year on the bet that the Federal Reserve would lower inflation. 15 on Tuesday, with every sector closing lower, especially consumer discretionary stocks. The Dow Jones Industrial Average and the S&P 500 had their worst day since Dec.
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