Stocks were mostly higher Thursday after economic data pointed to a brisk recovery for the U.S. economy.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about when to buy Apple, Facebook's earnings, and markets on Thursday.
Apple: Buy Or Sell?
Tech giant Apple (AAPL) - Get Report posted fiscal-second-quarter earnings that trounced Wall Street estimates and boosted its stock buyback program by $90 billion as post-pandemic demand in China powered a surge in iPhone sales.
Goldman Sachs upgraded Apple on Thursday and TheStreet's Bret Kenwell looked at the charts to see what key levels investors should be looking at with Apple stock.
Cramer said Apple is a must-own. "So, those who don't have it should buy it now. They delivered an excellent quarter and the fact that the stock is unchanged is kinda crazy. And you want to own it not trade it. And if it goes lower then you can buy a second point there," he added.
Regarding the chip shortage, Cramer said Apple is very powerful and it can multisource.
Facebook: Buy Or Sell?
Shares of Facebook (FB) - Get Report were rising Thursday after the social-media giant followed Google parent Alphabet (GOOGL) - Get Report in reporting a first-quarter surge in advertising revenue. Profit nearly doubled and overall revenue also beat forecasts.
Cramer said he likes the fact that Facebook continues to get monthly active users in the billions and that means they've only just scratched the surface when it comes to advertising.
Cramer said there is over-enthusiasm at the opening in the market Thursday. "We've had a really bad pattern here. which is that we open high and then we give up the gains. Very few stocks are able to buck that onslaught," he added.