Stocks fell Monday as Wall Street came off record highs that were driven by optimism over the hope for a near-term coronavirus vaccine and relief for the struggling U.S. economy.
The Dow Jones Industrial Average declined 359 points, or 1.2%, to 29,550, the S&P 500 dropped 0.7% and the Nasdaq fell 0.27%.
TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about Salesforce's potential acquisition of Slack, why Walmart is winning Black Friday and Cyber Monday sales and what's next for the markets in case of another lockdown.
Salesforce: Buy Or Sell?
Last week TheStreet reported that Salesforce (CRM) - Get Report has approached work messaging app Slack for an acquisition. The deal is expected to be half cash and half stock, CNBC reported on Monday and will price Slack at a premium to its current price. Any deal would value Slack (WORK) - Get Report above its current $17 billion market capitalization, The Wall Street Journal reported
Cramer said Slack has a superior product in comparison to Salesforce. "There isn't anyone I know who disagrees with that. Microsoft's product in comparison is just not that good. This is a way for Salesforce to be able to crack this particular email portion. This is Marc Benioff saying I want to be a serious competitor to Microsoft (MSFT) - Get Report and Microsoft does not have any serious competitors."
Walmart: Buy Or Sell?
Cramer said Walmart has a combination of the stores being able to use as depots as well as a terrific online presence. "Walmart is a winner. We already know that Walmart had a great weekend. I think Walmart will have a very good Cyber Monday. The vaccine is going to involve tens of millions of people and they are not going to Amazon. They will go to Walgreens, Walmart and to CVS."
Dow After 30,000
Last week the Dow Jones Industrial Average traded above 30,000 for the first time as President-elect Joe Biden was given the go-ahead to formally begin his transition and Wall Street bet more fiscal stimulus would be forthcoming.
Cramer said this is the so-called pull through. "In a disaster scenario, the country does go into lockdown after Biden comes in betting that the quarantine only needs to be seven days. If you shut the economy for seven days you'll be able to knock off a lot of these. But a lot of the country does not believe in masks. We're going to stay inside for a lot more time. If you haven't built a home office you're still going to do it. There could be a destruction of the actual office until everybody is sure and has had the vaccine."
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