Stock Market Today With Jim Cramer: Wait to Buy Peloton - TheStreet

Stock Market Today With Jim Cramer: Wait to Buy Peloton

Jim Cramer discusses stock market news, including selling Nikola shares, waiting to buy Peloton after earnings, and Chewy surviving in Amazon's world.
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The Dow is up slightly in trading on Friday while the S&P 500 and the Nasdaq turned negative in trading as tech stocks faltered. Jim Cramer shared with TheStreet readers when he would start putting money to work in this market.

TheStreet's Katherine Ross discussed breaking news in the stock market on Street Lightning. Cramer spoke about selling Nikola shares, Peloton earnings, and Chewy surviving in Amazon's world.

Nikola Stock: Buy or Sell?

Nikola NKLA has had a rough week of trading after Hindenburg Research, which is betting against Nikola stock, alleged that founder and CEO Trevor Milton made "dozens of false statements" to inflate the value of the electric truck company. Nikola hit back at Hindenburg following its allegations of false claims. This comes after Nikola shares were rising Tuesday after GM took a stake in Nikola and TheStreet looked at how to trade shares.

Cramer doesn't like the uncertainty following this week with Nikola and would be selling shares.

Peloton Stock: Buy or Sell?

Peloton shares are down 2% in trading on Friday despite rising after the bell on Thursday after it reported a great earnings call. Peloton's connected subscriptions doubled this past quarter sending shares higher after the bell Thursday. TheStreet looked at the charts and analyzed how investors should trade Peloton shares. Cramer believes Peloton might be too high if the economy reopens.

Cramer believes it opened too hot this morning and wouldn't be buying Peloton at this price.

Chewy Stock: Buy or Sell?

Chewy posted better than expected revenue with it reported its quarterly report on Thursday after the bell. TheStreet looked at the charts for Chewy and gave investors a guide on how to trade shares before it reported. Chewy shares are down 8% on Friday after reporting Thursday and Wall Street analysts are sharing their thoughts on this fall.

Cramer believes Chewy can fight off Amazon and tells investors to wait for the hot money to burn off in Chewy before buying shares.

None of these stocks is a key holding in Jim Cramer's Action Alerts PLUS charitable trust. Want to be alerted before Jim Cramer buys or sells any stock? Learn more from Cramer and his membership team now.