Did someone say "meme stock?"
The retail traders top picks were once again in focus Wednesday, June 9 as markets edged higher at the open with the Dow Jones Industrial Average rising 4 points, or 0.01%, to 34,604, the S&P 500 gaining 0.18% and the Nasdaq up 0.44%
Joining Action Alerts PLUS senior analyst Jeff Marks, Jim Cramer broke down Wednesday's biggest market movers, including Wendy's (WEN) - Get Wendy's Company Report, Clover Health (CLOV) - Get CLOVER HEALTH INVESTMENTS CORP Report, Activision Blizzard (ATVI) - Get Activision Blizzard, Inc. Report, Lordstown Motors (RIDE) - Get LORDSTOWN MOTORS CORP. Report, Chipotle (CMG,) - Get Chipotle Mexican Grill, Inc. Report and the upcoming Consumer Price Index (CPI) report.
Watch the full conversation at 11:30 a.m. ET in the video below:
A Turning Point for WallStreetBets?
While anyone with access to the internet could tell you about the Reddit rally in GameStop (GME) - Get GameStop Corp. Class A Report and AMC (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report, a new name has caught the attention of retail members, and it's far from frosty.
Wendy's surged upwards of 25% to close at $28.87 Tuesday after a bullish Reddit thesis sent the stock flying.
While Jim Cramer believes the rally will be short-lived, he likes the name and says it reflects a new frontier for the r/wallstreetbets cohort.
"They cut their teeth with GameStop and AMC, two heavily shorted stocks, but now they are spreading their wings with these new stocks, especially an institutional favorite, Wendy's, with a very low short position," Cramer wrote in a Real Money column Tuesday.
Lucky Like a Four-Leaf CLOV?
Wendy's wasn't alone among yesterday's meme stock contenders. Clover Health Investments (CLOV) - Get CLOVER HEALTH INVESTMENTS CORP Report continued to rally premarket Wednesday after closing more than 85% higher Tuesday.
Cramer had a simple message on Twitter: Shorts beware.
Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Wednesday’s Daily Rundown.