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Video: Jim Cramer on Morgan Stanley, Netflix, GameStop, AMC, NortonLifeLock

Jim Cramer discusses Morgan Stanley, Netflix, GameStop, AMC, NortonLifeLock, Johnson & Johnson, the Fed and more in Thursday's video interview with TheStreet Live.

Markets opened lower as investors awaited the second day of congressional testimony from Federal Reserve chair Jerome Powell. The Dow was down 71.62 points, the Nasdaq Composite was down 29.37 points and the S&P 500 was down 11.25 points. 

On Wednesday, Powell told House lawmakers it is too early to ease economic support despite the faster than expected rise in inflation.

In Thursday's interview with TheStreet Live, Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed Morgan Stanley  (MS) - Get Morgan Stanley (MS) Report, Netflix  (NFLX) - Get Netflix, Inc. (NFLX) Report, GameStop  (GME) - Get GameStop Corp. Class A Report, AMC  (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report, NortonLifeLock  (NLOK) - Get NortonLifeLock Inc. Report, Johnson & Johnson  (JNJ) - Get Johnson & Johnson (JNJ) Report, the Fed and more. 

Watch the full interview in the video below: 

Earnings Forests, Not Trees? 

Morgan Stanley wrapped a week filled with earnings from the major Wall Street banks, reporting stronger-than-expected second quarter earnings.

The investment bank said earnings for the three months ending in March came in at $1.85 per share on revenue of $14.8 billion. 

However, Cramer argues that investors should approach earnings, bank earnings in particular, as groups, rather than isolated reports. While it's certainly important to see how individual banks are performing, if you exclusively focus on net interest margins and book values, you're going to miss major cues about the economy and the consumer, Cramer said on Mad Money Wednesday.

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And because the art of the metaphor is everything...Instead of looking at all of the individual trees, focus in on the entire forest, Cramer wrote on Real Money. 

"We can't just see the trees of Wells and Citi or Goldman or JPMorgan, we need the forest and the forest says the consumer has never been this flush and flush consumer climbs out of the foxhole, delta variant be damned, and do some buying," Cramer wrote. 

Netflix Has Seen Stranger Things Than Video Games

Netflix stock moved 1.65% higher to $557.01 as of the opening of trade Thursday on news the streaming giant is dipping its toes into the video game space. 

Mike Verdu, a former executive at Facebook  (FB) - Get Facebook, Inc. Class A Report and Electronic Arts  (EA) - Get Electronic Arts Inc. Report, has been hired to lead the effort. 

Bloomberg reported that a person familiar with the matter said Netflix plans to begin offering video games alongside its other content within the next year. 

The source added that there is no current plan to charge extra for video games. 

Amid a highly-watched turnaround effort, GameStop moved down 1.56% to $165.00. 

Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Thursday's Daily Rundown.