After getting a projected winner of the 2020 Presidential election on Saturday, with President-Elect Joe Biden taking the stage Saturday night for his first address to the nation as the next President of the United States, Americans woke up on Monday to news from Pfizer that a safe and effective vaccine candidate is on its way.
Jim Cramer said there are two ways to approach markets Monday. "There's the idea that you have to stick with the companies that have been great and buy more of them, or there are people who say 'listen, you have to jettison those, and you got to buy every company that does well when the pandemic ends,'" Cramer said.
Cramer said that at the end of the day, you can't do too much of either approach, and his Action Alerts PLUS charitable portfolio is looking to do some trimming Monday and and is waiting to see what analysts have to say Tuesday before making a major move.
Jim Cramer breaks down his full take on Markets Monday in the video below:
Pfizer announced that its coronavirus vaccine candidate was 90% effective in late-stage trials and plans to seek Emergency Use Authorization from U.S. health officials later this month.
Pfizer's CEO Albert Bourla said the vaccine's success could be the most significant medical advance the world has seen in the past 100 years.
Pfizer said it saw no serious safety concerns from its ongoing trial and expects to have as many as 1.3 billion doses produced next year if and when the drug is ultimately approved by regulators. In the interim, Pfizer said it would seek Emergency Use Authorization from the U.S. Food & Drug Administration in late November.
Pfizer received 'fast track' designation from the FDA in July based on preliminary data from Phase 1 and Phase 2 studies.
Its Phase III trial should be concluded in early December, Pfizer said, with analysis from around 164 infections. The 90% efficacy rate, Pfizer said, was identified from 94 confirmed cases who received two doses of the vaccine.
Daniel Kuhn contributed reporting to this article.