Stocks opened higher to kick off another busy day of earnings as Wall Street digested reports from Facebook FB, Ford F and PayPal and awaited Robinhood's public debut.
The Dow Jones Industrial Average was up 214.45 points, the Nasdaq Composite was up 13.22 points and the S&P 500 was up 17.76 points.
Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed earnings from the tech giants, Robinhood's IPO, infrastructure and more.
Watch the full interview with TheStreet Live at 10:30 a.m. ET in the video below:
Robinhood Joins the Public Neighbor 'HOOD'
Robinhood's highly anticipated Wall Street initial public offering is expected Thursday, with the company set to trade on the Nasdaq under the stock symbol "HOOD."
On Tuesday, the IPO was priced at $38 a share, at the bottom of the expected range with the offering of 55 million shares expected to raise over $2 billion. The pricing values the company at $32 billion.
Robinhood has reserved up to 35% of its shares for retail investors for purchase on its platform, which is one of many reasons Cramer is closely watching today's debut.
Ford reported a surprise profit with adjusted earnings of 13 cents a share on revenue of $26.8 billion. The company also boosted its guidance despite ongoing impact from the global chip shortage.
Facebook reported adjusted earnings per share of $3.61 on revenue of $29.077 billion, topping analyst estimates. However, the company warned that ad revenue growth would slow "significantly" over the second half of the year.
PayPal reported non-GAAP earnings of $1.15 a share on revenue of $6.24 billion, missing consensus revenue estimates.
As the stock sold off sharply following earnings, Cramer took to Real Money to tell investors to look to history and wait for a price target boost rather than overacting to negative commentary following the report.
"Going forward I want you to follow the boost. You get enough of them, you have a trampoline and you know, despite the chatter, that you have a keeper," Cramer wrote.
Facebook, Ford and PayPal are holdings in Jim Cramer's Action Alerts PLUS charitable portfolio.
Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Thursday's Daily Rundown.