Stocks were mixed Wednesday following better-than-expected sales and earnings from tech giants Amazon.com and Alphabet.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about Amazon founder and CEO Jeff Bezos's decision to step down after 26 years, Alphabet's record earnings and markets on Wednesday.
Amazon: Buy Or Sell?
Amazon (AMZN) - Get Amazon.com, Inc. Report said Tuesday that founder and CEO Jeff Bezos will step down to become executive chairman, marking the biggest change in leadership of the tech giant in 26 years.
Cramer said it is understandable why investors would want to sell Amazon stock with Bezos moving to the executive chairman position but important to realize it's the product that matters. "I remember the brouhaha about owning Apple (AAPL) - Get Apple Inc. Report stock after Steve Jobs died. You have to keep in mind it's about the product. Amazon is about the product, customer satisfaction, best in the world."
Alphabet: Buy Or Sell?
Cramer said at one point in Alphabet all we cared about was the cost of acquisition and that was the narrative and it kept getting worse. "The new narrative is Google Cloud will be in the big three with Azure and Amazon Web Services. And they are finally talking about how good Youtube is and Youtube is a monster. And then there is the traditional business that we all know and like."
Markets on Wednesday
Cramer said GameStop is a gladiator situation. "A lot of people are caught up in it. People who believe if they can hold the line they can beat the shorts to it. What matters are the fundamentals. Their decision to not say a thing or issue stock is curious. They have been completely ill-advised. They are making it so that there is a battle between people who shouldn't be battling. This has become the most emotional investing thing of this era."