Are we in a second chance market?
Jim Cramer believes so.
"...We are in one of the greatest second chance markets I have ever seen. Take the drug stocks. Two weeks ago they walked into an abyss that some thought they would never get out of. Merck (MRK) , Bristol-Myers (BMY) and Eli Lilly (LLY) all reported some of the worst quarters versus expectations that I can recall. Heck, these are drug stocks, they are supposed to report exactly what the analysts say they are and one penny more. Everyone knows that's what they do," Cramer wrote in his Real Money column on Tuesday, May 4.
"Which is why these numbers were so shockingly bad. Making it worse, the weakness stemmed from bell cow drugs, the ones that are supposed to do well if we are in the depths of a depression," he continued. "The only drug company that was able to put up decent numbers? AbbVie (ABBV) . The savior for AbbVie? None other than Botox. I knew there had to be a reason AbbVie paid all that money for Allergan. I guess people can only stay away from wrinkle-free skin for so long before they decide that it's more important than risking COVID."
Recap TheStreet Live: Everything Jim Cramer Is Watching Tuesday