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Morning Bell With Jim Cramer: Are Nvidia and Nucor Shares Expensive?

Jim Cramer talks stock market news including Nvidia's stock potential, Nucor as an outlier and Disney's balanced business.

Stock futures fell Tuesday on worries about the impact the delta variant may have on the economic recovery;

In the most recent "Mad Money" on CNBC, TheStreet Founder Jim Cramer said there are many seasons for the turns in the stock market. Investors should remember that when a stock drops from a sector rotation, consider buying it. It will have its turn soon enough.

Jim Cramer and TheStreet Senior Portfolio Analyst Jeff Marks are talking about Nvidia, Nucor and Disney.

Nvidia and Nucor: Expensive or Not So Much?

Chipmaker Nvidia  (NVDA) - Get NVIDIA Corporation Report is slated to report second-quarter results after the closing bell on Wednesday.

"Look at what Nvidia earned in previous years and you realize that they earned so much more than you thought that it turned out to be an inexpensive stock," he said. "It turned out a lot of times to be selling at 17 times earnings and yet we thought it was at 50 times earnings forward," he said.

"Nucor  (NUE) - Get Nucor Corporation Report, a lot of people are betting that steel crashes and therefore the six times earnings actually is expensive because their estimates could be cut in half. The outliers are what you look for. An outlier is a Nucor with an infrastructure package." Cramer said.

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Disney: Buy or Sell?

Last week, Disney  (DIS) - Get Walt Disney Company Report shares climbed after the media giant posted stronger-than-expected third-quarter earnings. Subscribers to its Disney+ streaming service topped 100 million less than two years after its launch.

Cramer said he wished he had gotten back into Disney stock because, he said, "Disney has got that buy model that you want."

The COVID-19 delta variant "hurts them in some ways but they have really kind of built this great infrastructure for Disney+ and ESPN+, which I love. ... Disney has the alternative. If Delta breaks hard, then you'll want Disney+, and if Delta clears, you're going to want the theme parks. So it's a win either way," said Cramer.

"If Disney comes down much more, maybe we will pull the trigger," he added.

Nvidia and Nucor are holdings in Jim Cramer's Action Alerts PLUS investing club. Want to be alerted before Jim Cramer adds or removes stocks from the portfolio? Learn more now.