As stocks moved lower in intraday trading following a lackluster July ADP National Employment Report, Jim Cramer noted two significant standouts.
As of 10:00 a.m. ET, Robinhood (HOOD) - Get Robinhood Report was over 34% higher to $63.00. Noting some recent selling in GameStop (GME) - Get GameStop Corp. Class A Report and AMC (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report, Cramer attributed the move to the Reddit trader.
Advanced Micro Devices
As of 10:00 a.m. ET, Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report was up over 6% to $119.43. “AMD is now a meme stock,” Cramer told Action Alerts PLUS senior analyst Jeff Marks.
“The memesters try to find stocks that are heavily shorted and try to bust the people that short it," Cramer said.
TheStreet Live Recap: Everything Jim Cramer Is Watching 8/4/21
AMD is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.