Dow futures slipped lower as Brexit concerns, as well as stalled stimulus talks in Washington, offset vaccine progress.
In the last episode of Mad Money, Jim Cramer said that it's a stretch to say the market is dirt cheap at these levels. But the backdrop is too positive to bet aggressively against the bulls, Cramer said, because shorting the market is even crazier than buying in at these sky-high prices.
TheStreet's Katherine Ross and Cramer are talking about Tesla and DoorDash stocks' performance and Johnson & Johnson reducing its vaccine trial.
Tesla Stock: Buy or Sell?
On Wednesday, Tesla Inc. (TSLA) - Get Report shares fell from their record high close of $650 per share as analysts from JPMorgan lifted their price target on the clean energy carmaker to just $90.
The assessment from JPMorgan analyst Ryan Brinkman reflects some of the concern on Wall Street for the pace of Tesla's meteoric rise this year, which has added more than 660% to the group's share price and more than half a trillion dollars to the company's market value. Its net income for the third quarter of this year was $337 million.
Cramer said that Tesla stock is biding its time and that a lot of investors got involved in the stock market because of Tesla. He added that he likes Tesla and thinks it’s a great company and that it should keep going higher.
DoorDash Stock: Buy or Sell?
DoorDash (DASH) - Get Report kicked off trading at $182 a share on Wednesday and ended the day even higher, surging above its already raised offering price of $102 a share amid strong investor appetite for big-name public offerings in what has shaped up to be the hottest year for IPOs since the late 1990s.
At $182 a share, that gives DoorDash a market capitalization of $57.8 billion. Even before it began trading, DoorDash had a fully diluted value of more than $38 billion at its offering price, already well above the $28 billion valuations back in late November when it filed to go public.
Cramer said that he didn’t want DoorDash to be up as high as it was on Thursday.
Johnson & Johnson Stock: Buy or Sell?
Johnson & Johnson (JNJ) - Get Report said on Wednesday that it will cut down the size of its U.S. vaccine trial to 40,000 participants due to the prevalence of the coronavirus, according to media reports.
“Given the high incidence of Covid-19 among the general population, we expect that approximately 40,000 participants will generate the data needed to determine the safety and efficacy of our investigational Covid-19 vaccine candidate,” Johnson & Johnson said in an emailed statement to the Financial Times.
Cramer said that there wasn’t a lot of COVID-19 in the New York area, but now Coronavirus is so prevalent.
“J&J didn’t have to worry about whether someone who had the placebo wasn’t getting it either because there was just not any COVID around,” he added.
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