Stocks were mixed Friday with the Nasdaq rebounding as Treasury yields retreated following the Federal Reserve's announcement that it would allow a capital break for banks to expire.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade FedEx and Nike after their respective earnings and a closer look at the markets on Friday.
FedEx: Buy Or Sell?
FedEx beat Wall Street's forecasts for fiscal-third-quarter earnings with a bottom line of $3.47 a share as revenue grew 23% to $21.5 billion.
Cramer said FedEx is a buy. "This was a breakout quarter because Express [and] Ground did very well. We're getting some very good international news. E-commerce is now a very profitable business for FedEx."
Nike: Buy Or Sell?
Sports retailer Nike's (NKE) - Get Report fiscal-third-quarter sales missed Wall Street estimates as supply-chain problems delayed shipments to customers in North America.
Nike said North American revenue was hit by port-related issues, which delayed shipments by up to three weeks.
Cramer said buy Nike stock because it's down today.
Markets on Friday
Cramer said he is watching the 10-year Treasury yield. "The 10-year interest rates were down this morning. And the Fed changed some rules about banks and immediately everything reversed. Now again interest rates are cooling for a second. Even a second of cooling in these interest rates brings money to the Nasdaq."