Welcome back, Wall Street.
Markets opened sharply lower Monday after fears of a continued rise in the delta variant continued to dent sentiment. The Dow Jones Industrial Average was down 459.53 points, the S&P 500 was down 49.19 points and the Nasdaq Composite was down 186.54 points.
Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed Bill Ackman's dropped SPAC plan, oil prices following a surprise OPEC agreement, Zoom (ZM) - Get Zoom Video Communications (ZM) Report and much more.
Watch the full interview with TheStreet Live in the video below:
Don't Cry Because It's Over, Smile Because You Called the Peak?
Peaking was the name of the game in Cramer's latest column on Real Money.
"Peak is one of the most brutal terms in the stock lexicon. Peak means you are too late. Peak means it is over. Peak says sell now or forever hold your peace because you can only go down from here," Cramer wrote.
Cramer added that this mentality has leaked into the semiconductor and oil stocks among other sectors for the right and wrong.
'Zooming' in on the Future
The all-stock deal implies a price of $200.28 a share - a 12.8% premium to their Friday closing price and a 23x multiple to Five9's projected 2022 sales of $650 million, according to TheStreet's Martin Baccardax.
Amid concerns Zoom will lose relevance as the return to the office accelerates, the company said the deal will help it expand its addressable market.
In a statement, Zoom said Five9 will "allow it to accelerate its long-term growth opportunity by adding the $24 billion contact center market."