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Stock Market Today With Jim Cramer: Latest Changes at Qualcomm

Jim Cramer discusses the latest stock market news including change of leadership at Qualcomm, NYSE not delisting Chinese telcos and the Georgia runoffs.

Stocks were rising Tuesday as Wall Street traded cautiously ahead of two key Senate runoff elections in Georgia.

TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about the change of leadership at Qualcomm, NYSE's reversal to delist Chinese telecom companies and stock market uncertainty due to Georgia runoffs.

Qualcomm: Buy Or Sell?

Qualcomm  (QCOM) - Get Qualcomm Inc Report said Tuesday that longtime CEO Steve Mollenkopf will step down as head of the network equipment maker to make way for current president Cristiano Amon.

Cramer said Qualcomm now has an international person in charge who is dynamite. "Cristiano is a remarkable guy. He really understands technology. He'll do a terrific job. Qualcomm is one of my favorite 5G stocks along with Apple  (AAPL) - Get Apple Inc. Report, Broadcom  (AVGO) - Get Broadcom Inc. Report and Skyworks  (SWKS) - Get Skyworks Solutions, Inc. Report. My favorite though is Marvell Tech  (MRVL) - Get Marvell Technology, Inc. Report."

Chinese Telcos

China’s three largest telecom majors surged Tuesday in Hong Kong after the New York Stock Exchange reversed its decision to delist the shares.

China Mobile  (CHL) - Get China Mobile Ltd. Report China Telecom  (CHA) - Get China Telecom Corp. Ltd. Report and China Unicom  (CHU) - Get China Unicom (Hong Kong) Ltd. Report each jumped after the Big Board in a statement late Monday said: "it no longer intends to move forward with the delisting action."

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The NYSE cited "consultation with relevant regulatory authorities" for its reversal.

Cramer speculated that this could have been done in consultation with President-elect Joe Biden. "....could it be that things are going to get better with China. The Chinese listings are hugely valuable to the New York Stock Exchange. The NYSE is doing what it should do."

Markets on Tuesday

Cramer said the uncertainty around the Georgia runoffs has created a lot of nerves. "So, we end up with people who say, I've got big profits, let me take them and that's what is happening. The profits in the Dow and some of the older stocks are immense." 

"A lot of people are visioning that the Senate goes Democratic which means the end of gridlock. It means raising taxes, changing capital gains taxes, changing taxes on dividends."

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