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Jim Cramer on AMC, Ulta Beauty, and Biden

Jim Cramer discusses Ulta Beauty, Biden's phone call with President Xi, AMC and the automakers.

Wall Street is kicking off Friday trading, and remembering 9/11 as Americans remember the 20th anniversary of the attacks.  

Here's what Jim Cramer is watching in the markets today.

President Biden and President Xi of China Hold Phone Call

U.S. President Joe Biden and China President Xi Jinping held a surprise 90-minute phone call late Thursday that White House officials hoped would "underscore the United States' enduring interest in peace, stability, and prosperity in the Indo-Pacific."

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The first call between the two leaders in seven months, however, only underscores the frosty relations that have developed between the world's two biggest economies, each of which has accused the other of breaking unwritten agreements on trade, climate change and regional security.

"The two leaders discussed the responsibility of both nations to ensure competition does not veer into conflict," the White House added in a statement following the call, while state-backed media in China said the pair should "show strategic courage and insight, and political boldness, and push Sino-U.S. relations back to the right track of stable development as soon as possible."

Ulta Beauty

Jim Cramer went on location to one of Ulta Beauty's (ULTA) - Get Ulta Beauty Inc Report newest stores to speak with CEO Dave Kimbell on Mad Money. Ulta just reported strong quarterly earnings that included a 13% rise in same-store sales.

"Kimbell said he's proud of Ulta's latest results and the adaptability and flexibility of his entire team throughout the pandemic. He said Ulta's stores showcase the best Ulta has to offer in skincare, haircare, fragrance, and makeup, all of which have seen steady improvements throughout 2021," TheStreet's Scott Rutt wrote

"When asked about the new partnership with Target (TGT) - Get Target Corporation Report, Kimbell said he's very excited about the possibilities for Ulta with Target. Their goal was not simply to drop an Ulta store inside Target, but rather to build a totally new experience that will focus on guests in new ways. If the pandemic has taught us anything, it's a new connection to self-care and wellness, he said, and Ulta allows guests to experience beauty on their own terms," he continued.