Stocks are rising as Joe Biden is inaugurated as the 46th President of the U.S. Wednesday. Here are the best stocks to buy for the Biden Presidency.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about Ford, Procter & Gamble's earnings and the soon-to-be-announced executive orders by president Biden.
Ford: Buy Or Sell?
Ford's shares rose Wednesday after Deutsche Bank added the automaker to its short-term-buy list.
The investment firm's analyst, Emmanuel Rosner, made the move as he expects government spending on infrastructure and vehicle electrification to rise under the new Joe Biden administration.
Cramer said the auto sector, which is part of remote work, will be key to watch in the first 100 days of the Biden administration. "People don't understand that we are in a hybrid society now because we have tasted the idea of not going to the office and we don't want to go back. So, people who have jobs and commute may be a thing of the past, particularly with a president that is anti-fossil fuel. Remote work is Ford and GM. I prefer Ford and it has been a remarkable winner. Because of Jim Farley is running Ford."
Procter & Gamble: Buy Or Sell?
Consumer-goods (PG) - Get Report giant posted earnings that exceeded Wall Street estimates Wednesday and raised its fiscal year outlook, as higher demand for home cleaning and health-care products pushed revenue 8% higher.
Cramer said one needs to be careful with P&G because they did not give a robust conference call. When you have a stock like P&G and it's moved up so much you've got to be very careful. The decline in U.S. consumption from December to January is really hurting this stock. Don't touch it today."
Executive Orders to be Issued by Biden
On his first day in office, President Joe Biden is expected to sign 17 executive actions — 15 will be executive orders, some of which will reverse decisions made by his predecessor, President Trump, media reports suggest.
Cramer said the orders could be positive for different kinds of stocks. "You don't want to be in the oil stocks because they will be much more heavily regulated. If he doesn't let anyone drill anymore then it goes to the incumbents. and you would just go buy Chevron (CVX) - Get Report and Pioneer Pioneer. There is going to be a premium on anything that does not pollute."