Stocks opened higher Tuesday after the Nasdaq Composite closed at a record high Monday following the full Food and Drug Administration approval of the Pfizer-BioNtech COVID vaccine.
The Dow Jones Industrial Average was up 54.80 points, the Nasdaq was up 36.26 points and the S&P 500 was up 5.70 points.
Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed Boeing (BA) - Get Boeing Company Report, Best Buy (BBY) - Get Best Buy Co., Inc. Report, Palo Alto (PANW) - Get Palo Alto Networks, Inc. Report, spinoff stocks and much more.
Watch the full video interview with TheStreet Live at 10:00 a.m. ET in the video below:
Gauging the Market Impact of the Pfizer Vaccine Approval
That was Cramer's initial response after markets surged Monday following the full FDA approval of Pfizer and BioNtech's COVID vaccine.
Cramer told TheStreet Live he wasn't quite sure who on Wall Street didn't know the approval was coming with near certainty.
However, on Real Money, Cramer explained that while the news was far from surprising, the approval will have wide impact from the travel and leisure stocks to oil names.
"I am putting this rally squarely on Comirnaty, that zany named drug from the amazing company that is Pfizer, the potential savior of more than just the market," Cramer wrote.
Another Hurdle for Boeing?
The Federal Aviation Administration is reportedly launching a review of how Boeing employees handle safety matters on the agency’s behalf, according to the Wall Street Journal.
Citing an agency letter and people familiar with the matter, the Journal reported that some engineers said they face undue pressure and hurdles to transparency that “indicate the environment does not support independence."
The FAA has long relied on Boeing employees to act on its behalf in some matters, the Journal reported.
A Boeing spokeswoman told the Journal, Boeing takes “these matters with the utmost seriousness” and is working to encourage the independence of employees.
Boeing is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.
Spinoffs Aren't So Hard to Do?
Breakups can create a lot of value if properly executed. On Mad Money Monday, Cramer said that has been the case with the split of XPO Logistics (XPO) - Get XPO Logistics, Inc. Report and GXO Logistics (GXO) - Get GXO Logistics Inc Report as well as the split of L Brands into Victoria's Secret (VSCO) - Get Victoria's Secret & Company Report and Bath & Body Works (BBWI) - Get Bath & Body Works, Inc. Report.
Best Buy reported adjusted earnings per share of $2.98 on revenue of $11.85 billion. The company said same-store sales rose 20% from last year, smashing the Refinitiv forecast of a 17.4% gain.
Palo Alto reported adjusted earnings per share of $1.43 on revenue of $1.22 billion, exceeding analyst estimates.
For the fiscal first quarter 2022, the company expects total revenue in a range of $1.19 billion to $1.21 billion, representing year-over-year growth of between 26% and 28%, TheStreet's Dan Weil reported.