Stock Market Today With Jim Cramer: GameStop, Cleveland-Cliffs

Jim Cramer says Cleveland-Cliffs isn't a meme stock, despite its popularity on Reddit forums.
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The Dow Jones Industrial Average and S&P 500 both held on to slim gains Thursday while the Nasdaq rose 0.7%. Markets pushed through the headwinds from a consumer price index that showed some inflation. 

Consumer prices last month increased at the fastest pace in more than a decade, according to data from the Labor Department. 

The hotter-than-expected readings could challenge the Federal Reserve's accommodative stance as the world's biggest economy continues its recovery from the COVID-19 pandemic.

Cramer: Cleveland-Cliffs Is Not a Meme Stock

Shares of Cleveland-Cliffs (CLF) - Get Report jumped more than 14% on Wednesday as the steelmaker was swept up in the meme-stock craze that has roiled markets in recent months. 

But Jim Cramer says Cleveland-Cliffs does not fit the mold of a meme stock. Cramer noted that the macroeconomic environment is positive for the company as steel is in short supply and steel prices are nearly triple their 20-year average.

Cleveland-Cliffs earned $41 million, or 7 cents a share, in its most recent quarter, compared with a loss of $52 million, or 18 cents a share, in the year-ago period. Revenue reached $4.05 billion from $359 million a year earlier.

Cramer Believes in GameStop

GameStop  (GME) - Get Report is a very inexpensive stock if it pivots to crypto banking, Jim Cramer said Thursday following the company's first-quarter-earnings release. 

GameStop shares at last check were off more than 24% even after the company posted a narrower-than-expected first-quarter loss while also adding two former Amazon  (AMZN) - Get Report executives to key leadership roles in the company. 

The shares dropped after the company said that it received a notice from the SEC to produce documents related to the company's trading activity.