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- Jim Cramer is the host of the CNBC show ‘Mad Money.’
- Cramer has identified stocks that will ‘pop’
- Investors are still processing GameStop saga
Cramer’s warning: avoid NASDAQ and these 7 stocks
Mad Money show host Jim Cramer exhorted investors to avoid investing in the Nasdaq 100 index. He claimed that Zoom; Charter; Okta; Adobe; Comcast; Intel; and Match were the worst performing stocks in the third quarter.
“These seven biggest losers from the third quarter are simply representative of the House of Pain the index has become. By the way, if you’re living in a house of pain, you should move,” he warned. Cramer had also identified 14 stocks from the 52-week low list that he believes would ‘pop.’
Last month, Netflix released the documentary ‘Eat the Rich: The GameStop Saga’ which illustrated the popularity of Cramer’s show. Cramer has been pessimistic about the GameStop; however, the documentary tracks the events that changed reality fundamentally – the seemingly unknown stock was grabbing attention across the world. Read on, to learn more.
Mad Money
Jim Cramer is known for his popular show Mad Money. Unlike other channels and shows where the journalists almost always maintain a calm and calculated demeanour, Cramer doles out investment knowledge like ice cream – he is exuberant and does not mince his words when talking stocks.
He started his career in finance with Golman Sachs. He was not content after becoming a millionaire at the age of 28, he set out to make a career in journalism. Initially, he wrote investment information columns for CNBC and eventually transitioned to broadcast. Cramer shared that he wrote 3000 words per day to become who he is in journalism.
Cramer has made a name for himself as an Investment expert in the Broadcast business. His television program ‘Mad Money’ airs Monday to Friday at 6PM Eastern time on CNBC. According to Cramer, the show aims to help people become better investors.
The Game Stop (GME) stock
Game Stop is a brick-and-mortar video game store launched in 1985. The store struggled with competition from online distributors and its stock showed that investors were unhappy. The pandemic made things worse with multiple investors short selling the stock.
In 2019, controversial investor Michael Burry, seeing potential in the dying stock, urged the owners to buy its shares. He also bought a 3.3% stake in the company. Then, in August 2020, Ryan Cohen, the former CEO of pet food brand Chewy, disclosed a 9% stake in Game Stop. And finally, when Cohen joined the board of directors of Game Stop in January 2021, the stock began to rally – rapidly.
From trading at around $2.5 in April 2020, the stock rose rapidly every day after Cohen’s announcement. Reddit’s financial information page r/wallstreetbets went gaga over this stock. Part of the reason the stock rallied is the hype on social media and financial education videos by youtubers like ‘Roaring Kitty’
When Jim Cramer did his “I don’t like this stock” to GameStop, the internet literally went “We Like The Stock.” after Keith Gill aka Roaring Kitty went ‘I Like the stock.’
Jim Cramer maintained his pessimistic position on GameStop despite its meteoric rise and even called it a “GameStop is a $10 billion nothing company.” In July, he tweeted that when he’s asked about GameStop, he says its a “controlled stock” and that haters knew exactly what he meant.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
