Stocks traded lower Wednesday after Treasury Secretary Steven Mnuchin said reaching an agreement on a stimulus package before Election Day would be difficult.
TheStreet's Katherine Ross discussed breaking news in the stock market on Street Lightning. Cramer spoke about the latest iPhones, the implications of a pause on Eli Lilly's vaccine trial and Walmart's new plan for Black Friday deals.
Apple's iPhone 12 To Spark Upgrades
Apple (AAPL) - Get Apple Inc. (AAPL) Report unveiled four different iPhone models on Tuesday, including the iPhone 12 mini, a 5.4-inch model starting at $699; a 6.1-inch device starting at $799, a 6.1-inch Pro model starting at $999, and a 6.7-inch pro model starting at $1,099. All phones are 5G-enabled.
Cramer said users of iPhone 7 and 8 are likely to upgrade to the latest models if the trading value is good. "This is 5G which is supposed to be electric. The portrait mode, the unbelievable pictures. I think we're in for a treat here with this. And obviously, there will be more service revenue."
Eli Lilly: Buy Or Sell?
U.S. officials ordered a pause to the late-stage trial of Eli Lilly's (LLY) - Get Eli Lilly and Company (LLY) Report coronavirus treatment on Tuesday due to potential safety concerns, the company said.
“Safety is of the utmost importance to Lilly. We are aware that, out of an abundance of caution, the Activ-3 independent data safety monitoring board has recommended a pause in enrollment,” the company said in a statement to CNBC.
Cramer said Eli Liily has run into manufacturing issues which is a very big deal. "That's very bad. The FDA just hates that. They're going to be on hold for a long time unless it's a very specific thing that they are doing wrong."
Walmart: Buy Or Sell?
Walmart (WMT) - Get Walmart Inc. Report plans to spread out its Black Friday deals over three days in November instead of the traditional one as it looks to reduce crowds during the coronavirus pandemic.
To encourage customers to shop from their computers or smartphones, Walmart said that more of its doorbuster deals will be reserved for online.
Walmart said its deals online will begin Nov. 4, with new deals in stores on Nov. 7. It will then hold an online event Nov. 11, followed by in-store sales Nov. 14. The last day of online discounts for Walmart's "Black Friday Deals for Days" will be Nov. 25, with new discounts in stores Nov. 27, the day after Thanksgiving and the traditional Black Friday.
Cramer said "Walmart is going head-to-head against Amazon (AMZN) - Get Amazon.com, Inc. Report in everything. There is a possibility that Target might do the same because Target likes to do what everybody else does. It has the ability to be able to stretch it. Target has been a remarkable stock people do not give it the credit it deserves. It's up 30% for this year."
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