In the past 24 hours the markets have seen some signs of hope, Jim Cramer told his Mad Money viewers Thursday after another powerful rally. The markets now know that victory over the coronavirus is possible, even if they don't know exactly when it will occur.
Today may prove to be a turning point for stocks, Cramer said. The Senate was able to pass a $2 trillion stimulus package, learning from the mistakes of 2008. The plan is big, and it doesn't just reward big business, it has something for everyone.
That's why investors were able to shrug off Thursday's awful unemployment numbers, which signaled that 3.3 million people have lost their jobs.
Victory won't come until we beat the virus, Cramer explained, and, at least in some cities, we're seeing that with a total lock down victory is possible.
Cramer said even with Thursday's rally, the markets are still oversold. But he said he wouldn't hesitate locking in some gains if investors are able to get in at the bottom. There's still a long way to go, he said, but at least we can celebrate this day's wins.
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Bullish Call: Micron
The most bullish story of the day wasn't the stimulus package, Cramer told viewers, it was the earnings call from Micron Technology (MU) . On the call, the semiconductor maker told investors that lower demand in China was offset by increased data center demand in the rest of the world. Additionally, Micron noted that the manufacturing of smart phones in China has recovered and there's strong demand for PCs and notebooks in the U.S. and around the world as business and education moves to the home.
Cramer said the strong news from Micron will have a ripple effect on all of the cloud stocks. He continued to be bullish on Nvidia (NVDA) and Advanced Micro Devices (AMD) . He said Facebook (FB) is seeing a pickup in small business advertising and both Amazon (AMZN) and Alibaba (BABA) are buys as well.
Other stocks to buy included Microsoft (MSFT) and Western Digital (WDC) , as well as Marvell Technology (MRVL) and Qualcomm (QCOM) for 5G wireless. Cramer was also recommended Adobe Systems (ADBE) , CrowdStrike (CRWD) and Zoom Video Communications (ZM) .
So while stocks like Ford (F) , Macy's (M) and Cheesecake Factory (CAKE) dominate the headlines with bad news, Cramer said the cloud stocks will not only transcend the COVID-19 pandemic, they might even benefit from it.
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Off the Tape: Puritan Medical Products
In his "Off The Tape" segment, Cramer spoke to Timothy Templet, vice president of Global Sales of the privately-held Puritan Medical Products, makers of testing swabs for COVID-19, among other tests. Puritan currently employs 350 people.
Puritan has been a family-owned, American company for over 100 years, Templet said. When asked why the U.S. doesn't have enough test kits available, Templet explained that there are multiple layers of restrictions on the types of swabs that can be used for testing, where swabs can be used for testing, and even where in the supply chain Puritan is allowed to ship their swabs.
The flood gates were opened today, however, Templet said, as the FDA approved different types of swabs for use with COVID-19 testing. He said Puritan's factory is currently operating 20 hours a day, seven days a week, but they're able to build new machines and double their production if the government provided guarantees to purchase the increased supply.
When asked whether needed supplies for the U.S. are heading to China, Italy, Spain and elsewhere in the world, Templet explained that Puritan does sell swabs around the world, but most of the supply problems stem from the restrictions on where swabs can be sold. They simply aren't able to send swabs directly to areas like New York that need them most.
Executive Decision: Veeva Systems
For his "Executive Decision" segment, Cramer spoke with Peter Gassner, CEO of Veeva Systems (VEEV) , the technology provider to the life sciences industry.
Gassner said he's very proud of the industry right now. He said Veeva's customers have risen to the challenge of COVID-19 and are hard at work on testing, treatment and prevention measures to combat the virus. Since many healthcare facilities are now on lock down, Veeva's technologies are helping to connect doctors to pharmaceutical reps virtually. Gassner said while this time is disruptive to clinical trials and normal operations, it's also a time of innovation.
When asked about their business, Gassner said after achieving $1 billion in revenues ahead of schedule, their goals have changed and they're now targeting $3 billion in revenue by 2025. He said Veeva has a broad set of products to help move the industry forward.
Off the Tape: SoFi
For his second "Off The Tape" segment, Cramer checked back in with Anthony Noto, CEO of the privately-held SoFi, to find out how COVID-19 is affecting younger investors.
Noto explained that first and foremost, SoFi is open for business and allows their customers to manage every aspect of their financial lives from their phones, no matter where they are. Customers can still monitor transactions, get loans, refinance and invest for their future.
If customers have lost their jobs or are otherwise impacted by COVID-19, Noto urged them to contact SoFi. He said they can extend payments for up to 60 days, assist in getting loans and educate customers on taking advantage of government programs.
Here's what Jim Cramer had to say about some of the stocks that callers offered up during the Mad Money Lightning Round Thursday evening:
Intuitive Surgical (ISRG) : "That's a terrific company and I love their products. "
Penn National Gaming (PENN) : "I believe in this company but it's not going to happen fast."
Simon Property Group (SPG) : "They've paid $33 billion in distributions but they need to explain how they make it through this crisis."
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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, AMZN, MSFT.