Waste Management's Stock Rips to All-Time High on Cash Giveaway - TheStreet

Shares of Waste Management (WM) - Get Report are jumping Friday, climbing 1.25%, hitting new 52-week and all-time highs.

The company boosted its quarterly dividend by 9.4% to 46.5 cents per share, higher than the 44 cents per share some were expecting, TheStreet's Jim Cramer explained on CNBC's "Stop Trading" segment. Additionally, the company said it would implement a $1.25 billion buyback program, effective immediately.

Stocks are starting to trade like they did in the old days, reminding Cramer of how they traded back in the 1980s he said, adding that he likes the price action.

"This market likes simple things," he reasoned, "simple things like a buyback and a dividend boost."

Image placeholder title

Twenty-First Century Fox (FOX) - Get Report (FOXA) - Get Report is another great example. While Disney (DIS) - Get Report is acquiring a bulk of the company's assets in a blockbuster deal worth more than $52 billion, investors continue to bid shares of Fox higher. Given the company can generate such strong cash flow, there's no reason a big buyback and gigantic dividend boost couldn't come next, Cramer explained.

This is what investors want right now, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. It's a more positive market, he concluded. 

Waste Management is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells WM?Learn more now.

More of What's Trending on TheStreet:

At the time of publication, Cramer's Action Alerts PLUS had a position in WM.