The Dow, S&P 500 and Nasdaq are up in trading Wednesday as Tesla surging provides a boost to the Nasdaq. Street Lightning spoke about why the S&P 500 can reach new highs from earnings results.
TheStreet's Katherine Ross discussed breaking news in the stock market on Street Lightning with Jim Cramer. Cramer spoke about Airbnb planning to IPO, buying Roku stock, and COVID-19 stocks winning in the market.
Airbnb IPO Is Coming
Airbnb plans to file an IPO this month, according to a report in the Wall Street Journal. It was reported in mid-June that Airbnb was planning to revive talks to IPO as it began navigating the issues it faces during the coronavirus pandemic. The travel industry has been hit hard by the slowdown in travel and the timing of an Airbnb IPO didn't seem prudent during this time.
Cramer was surprised to hear Airbnb plans to move forward with its IPO and assumes they're doing better than he expected.
Roku Stock: Buy or Sell?
Roku reported its quarterly financials and topped estimates as it saw revenues rise 42% during the quarter. TheStreet provided analysis on how to trade Roku after earnings as it tried to gain traction. On Wednesday, Roku got a bump after Deutsche Bank gave shares of Roku a buy rating.
Cramer believes Roku shares have room to run and talks more about why he likes the stock.
COVID-19 Stocks Are Winning
As we get closer to a vaccine it might be smart for investors to balance their portfolio away from stocks that have flourished during the conditions set by the coronavirus pandemic. Cramer created a COVID-19 Index on Mad Money back in May but instituted a barbell portfolio that he spoke about on Mad Money this past Monday.
Cramer talks about why the COVID-19 stocks are winning the battle in the market right now.
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