Stocks rose Monday as investors welcomed further progress on the development of a coronavirus vaccine but remained cautious amid rising infection rates and worries that curbs on businesses to stem the spread of the virus could hamper economic recovery.
The Dow Jones Industrial Average rose 231 points, or 0.79%, to 29,494, the S&P 500 gained 0.3% and the Nasdaq was up 0.17%.
TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about Tesla, Micron, and vaccine rollouts.
Tesla: Buy Or Sell?
Tesla (TSLA) - Get Report traded higher on Monday after the electric carmaker received another upgrade, this time from Wedbush Securities’ Daniel Ives, who lifted his one-year price target to $560 from $500 and said his new bull case is $1,000, up from $800.
Cramer said Tesla has the possibility of being a major technology company that also makes cars. "I think there is a lot of things under the hood of Tesla that are very positive. Wall Street has decided to get on board with Tesla. There seems to be the very little notion that it matters exactly what price and what market cap the company has. It just doesn't matter. It's one of those situations where everyone is just behind a stock and no one wants to sell it. So, it goes higher until it finds some level that brings out sellers."
AstraZeneca: Buy Or Sell?
AstraZeneca (AZN) - Get Report said Monday that its coronavirus vaccine, developed in concert with Oxford University, reached a 90% efficacy rate in certain doses following late-stage trials in the U.K. and Brazil.
Cramer said he was skeptical about the rollout. "The rollout from military to McKesson, UPS and FedEx to CVS and Walgreens. At the same time a dual track, where the military goes to the hospitals to get first responders. That's done first. My skepticism is two-fold. One is just that the President promised we could all get tested and that never happened. I am determined not to be fooled again. Then we got a test we thought was perfect and they didn't do a good job at the CDC.. finally, we got PCR tests but there is a major backlog in this country for PCR. So, why should I necessarily believe that this vaccine will be distributed right?"
Micron: Buy Or Sell?
Cramer said Micron is a buy. "I just feel AMD has not rallied from where it reported because of the Xilinx acquisition. It represents a better buy right here but Micron's doing quite well. And Micron has a very good chance of going higher. The last time Micron talked they missed the quarter and nobody seems to care and that's very encouraging."
None of these 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.