Stock Market Today With Jim Cramer: Too Late to Buy Qualcomm

Jim Cramer discusses the latest stock market news including Qualcomm's earnings, the tech rally and concerns of investors on Wall Street.
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Stock rose Thursday with tech shares leading the gains as the results in Tuesday's U.S. elections suggested the potential for corporate tax hikes and tighter regulations had diminished.

The Dow Jones Industrial Average gained 590 points, or 2.12%, to 28,438, the S&P 500 was up 2.26% and the tech-heavy Nasdaq jumped 2.58% on reduced regulatory risks.

The S&P 500 was headed for its best week since April.

TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about Qualcomm's earnings, the tech rally and concerns of investors on Wall Street.

Qualcomm: Buy Or Sell?

Qualcomm  (QCOM) - Get Report rose sharply after the chipmaker reported fiscal fourth-quarter results that significantly topped analyst estimates. 

“Our fiscal fourth-quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses,” said CEO Steve Mollenkopf in a statement. 

Cramer said you've missed the boat to buy Qualcomm. "I'm never going to recommend it, it's up 16%. I'd have to say you missed it. Where were you when the stock was at $58? We can't just say buy on top of that. Qualcomm is not going to be a stock that you own."

Day 2 of Tech Rally 

Cramer said the tech rally is a variant of what happened in the markets last week. "Let's take Skyworks if we go back to Monday, which was Wall Street's recognition of what had happened represented by a single firm."

"Skyworks was down 5%. After that Skyworks reported a quarter that is so great. It shows that 5G is here and these are the companies that are benefitting from it. 5G remains the single strongest secular growth story out there and at the heart of it is Apple  (AAPL) - Get Report," said Cramer.

Investors Concerned About Covid, China and Layoffs

Cramer said "Wall Street is paying more attention to Covid-19 than it is to this presidential election. The presidential election is really important but no one wants to get sick. Covid, China, the layoffs and closing of restaurants and bars are factors investors would be paying attention to."

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