Robinhood's IPO Is Most Important Thing Happening This Week
Robinhood's upcoming IPO is more important than any of the earnings reports coming out this week as the company, which says it is democratizing investing, plans to sell as much as 35% of its shares directly to the customers using its app.
"If the undercapitalized buy Robinhood and the stock goes down, will they then not be able to put up more money to buy more Robinhood. You can say that Apple is important, Amazon is important, Facebook is important. No, this is important," Cramer said.
Robinhood is expected to begin trading on July 29 in the range of $38 to $42 a share.
Cramer Isn't Buying Amazon Bitcoin Story
Bitcoin's price movement Monday feels like a short squeeze to TheStreet's Jim Cramer, who questions the validity of reports that Amazon will be in on bitcoin by the end of the year.
"I want to see what the CEO has to say because I'm not so sure it's happening. Maybe Square is doing something, maybe Mastercard is doing something," Cramer said. "It would shock me if they were just doing it nakedly. They don't want that type of risk."
An anonymous source told London's City A.M. news site that Amazon is readying to allow payments in Bitcoin by the end of the year.
Stocks were rising slightly Monday as Wall Street readied for a big week of earnings from the likes of Apple (AAPL) - Get Apple Inc. (AAPL) Report, Amazon (AMZN) - Get Amazon.com, Inc. Report, Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report, Tesla (TSLA) - Get Tesla Inc Report and Alphabet (GOOGL) - Get Alphabet Inc. Class A Report, as well as a policy update from the Federal Reserve.
Stocks closed at record highs Friday, with the Dow closing above 35,000 for the first time, as earnings optimism lifted Wall Street sentiment.