JPMorgan and Square
"In his "Cramer's Playbook" segment, Cramer said he's always been a big fan of fintech, but today he got another big reason why. Jamie Dimon, CEO of JPMorgan Chase (JPM) - Get Report, was recently asked point-blank why his bank is struggling to compete with upstarts like Square (SQ) - Get Report. Dimon's answer was simply that JPMorgan "didn't have the imagination" to think up offering loans to small businesses based on their daily receipt volumes," wrote TheStreet's Scott Rutt in his Mad Money recap. "Dimon added that companies like Square also don't have the legacy systems that weigh down big banks like JPMorgan nor do they have to swim the sea of regulatory requirements."
"But Dimon's first answer, the failure of imagination, is what caught Cramer's attention. JPMorgan didn't see what their customers needed, but American Express (AXP) - Get Report did when it acquired Cabbage, which offers similar cashflow services," he said.
What's Going on With General Motors?
General Motors says that it plans to increase spending on electric and autonomous vehicles to $35 billion over the next four years which is a 30% increase from previous plans.
TheStreet's M. Corey Goldman noted that GM also confirmed Wednesday that it plans to build two additional battery facilities in the U.S. and will also move ahead with some of its investments in electrification. Locations for the plants haven’t been decided; each plant is expected to cost more than $2 billion.