Stocks opened higher following Monday's steep market selloff driven by fears of a collapse of Evergrande, China's second largest property developer.
The Dow Jones Industrial Average was up 149.30 points, the Nasdaq Composite was up 91.82 points and the S&P 500 was up 23.71 points.
Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed the markets, buying the dip, Evergrande, Universal Music, Lennar (LEN) - Get Lennar Corporation Class A Report, Uber (UBER) - Get Uber Technologies, Inc. Report, Johnson & Johnson (JNJ) - Get Johnson & Johnson (JNJ) Report and much more in Tuesday's market breakdown.
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Can Evergrande 'Walk Out of Its Darkest Moment?'
Evergrande remained in the headlines Tuesday as the company nears its first debt hurdle on September 23. The company is due to pay out interest worth $83 million on a 5-year, U.S.-dollar denominated bond, with an initial issue size of around $2 billion. A further payment on the interest on a 7-year bond is expected on September 29.
Chairman Hui Ka Yuan told staff that Evergrande would "walk out of its darkest moment, resume full-scale constructions as soon as possible."
Evergrande is linked to hundreds, if not thousands of unfinished projects.
Ratings company Standard & Poor's said Evergrande is likely to default in the coming weeks, but said Beijing would likely "be compelled to step in if there is a far reaching contagion causing multiple major developers to fail and posing systemic risks to the economy," TheStreet's Martin Baccardax reported.
Johnson & Johnson Gets 'Boosted'
Johnson & Johnson said its booster, delivered around eight weeks after the first singe-dose vaccine, increased efficacy to around 94%.
"Our large real-world evidence and Phase 3 studies confirm that the single-shot Johnson & Johnson vaccine provides strong and long-lasting protection against COVID-19-related hospitalizations," the company said in a press release.
As of the opening of trading, the stock traded up 0.56% to $164.72.
Uber Rides Toward Profitability
In an SEC filing Tuesday, Uber said it expects to report between $22.8 billion and $23.2 billion in gross bookings in its third quarter earnings, ride-sharing the way to its potentially first profitable quarter.
Uber is is expected to report its third quarter earnings on November 4.
Home Is Where the Supply Chain Challenges Are?
Homebuilder Lennar joined the list of companies warning of the impact of supply chain challenges Monday, stating the challenges will impact the number of homes built in the current quarter.
"Our company and the homebuilding industry as a whole continued to experience unprecedented supply chain challenges which we believe will continue into the foreseeable future" during the third quarter, adding that it expects to finish fewer homes -- 18,000 versus a prior forecast of 20,343 -- over the final three months of the year," Lennar said in a statement.
Universal Music Group Sings Into IPO
Universal Music Group shares soared on their trading debut in Amsterdam Tuesday, valuing the company at more than $55 billion.
Universal's catalogue of artist includes Ariana Grande, Taylor Swift, Lady Gaga, Bob Dylan and more.
Cramer's Warning For Crypto Investors
Cramer had a simple piece of advice for cryptocurrency investors in his latest column on Real Money: It's OK to take a profit. While Cramer maintained he's a believer in cryptocurrency, he wrote that logic requires acting before profits become losses.
"But make no mistake about it, unlike our banks, you are at the most vulnerable area of the U.S. spectrum. If the Chinese communists looked with favor on crypto it would be something different. But they don't. I know the younger people never want to hear sell from me. But let's do this: if you have a big gain don't let it become a loss. Sell some, stay long the rest and then we will reconfigure if the PRC changes its mind and stops being the nemesis of Evergrande and all cryptocurrencies," Cramer wrote.