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Stock Market Today With Jim Cramer: PayPal, Robinhood

PayPal may have missed on revs, but Jim Cramer is still a believer in the payment processor.

The Robinhood Revolution

TheStreet's Jim Cramer credits Robinhood  (HOOD) - Get Robinhood Report with revolutionizing the way investors trade and bringing in a new generation of investors to the table. 

"That app is about studying and owning a piece of America," Cramer said of Robinhood ahead of its debut Thursday. 

Robinhood shares changed hands at $38 each on their Nasdaq debut Thursday, and immediately slumped as much as 10% shortly after, indicating a difficult opening session for the popular, yet controversial, online trading app.

Robinhood sold 55 million shares at the lower end of its $38 to $42 target late Wednesday, raising $2.1 billion and valuing the group -- and its 21.3 million monthly active users -- at around $31.8 billion.

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Here's How to Trade PayPal

PayPal shares were taking a bath Thursday after reporting second-quarter revenue that fell below analyst estimates. 

But Jim Cramer is still a believer in the company and has a plan for investors to get back in on the stock.

"Take a look at the pattern. They sell today, they sell tomorrow, then you've got to buy. If you haven't started a position in PayPal, wait until 3:30 PM to buy some," Cramer advised Thursday. 

PayPal shares dropped nearly 6% Thursday afternoon after the online payments company reported non-GAAP earnings of $1.15 a share on revenue of $6.24 billion for the latest quarter. PayPal had been expected to report earnings of $1.12 a share, on sales of $6.3 billion, based on a FactSet survey of 38 analysts.

In the same period a year ago, the company posted earnings of $1.07 a share on sales of $5.3 billion.