Stocks rose modestly Thursday as investors balanced mixed corporate earnings against worries over the pace of the economic recovery amid the rapidly spreading delta variant of COVID-19.
Cramer: 'I Believe in Robinhood'
Robinhood dropped sharply Thursday after shareholders filed to sell nearly 100 million shares less than a week after the stock made its Nasdaq trading debut.
Cramer dismissed critics on Twitter who said he was against the company.
"I believe in Robinhood," he said. "I have been in favor of Robinhood since these people were born."
Cramer said he met Robinhood CEO Vlad Tenev in 2015.
"I saw the app," he explained, "and I said, 'This is it. This is the beginning of the revolution, of getting younger people in who are very confused and feel somewhat bamboozled.' And they don't feel that way anymore."
Cramer's advice to investors was "sell some and play with the house's money."
"I want them to make money," he said, "so they with the house's money and they can't lose."
WATCH These Stocks
Cramer also discussed the continued spread of the COVID-19 delta variant that is causing some cities and states to impose new restrictions.
These regulations are "just devastating" for a small business, Cramer said, but not for big companies.
“So once again, little companies that have survived this far can’t get to the promised land and it’s really a shame," he said.
Noting that "scale is everything," Cramer sees some retail stocks benefiting from the measures and has created a new acronym to classify this group of mega-retailers: 'WATCH' Stocks.
"Those companies are equipped to handle anything the public health people throw at them," Cramer said, "but little companies aren't."
"There's just a lot of different cost currents in the economy that come out in favor of WATCH," Cramer said, "so I'm going to stick by that. I think it's a big change."