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Jim Cramer on Plug Power, Uber, NFTs, Coinbase, Stocks Wednesday

Jim Cramer and Katherine Ross talk the Fed, Plug Power, NFTs, Coinbase, Uber and more.

It's Fed day!

"I think the Fed has a gun to its head because there's inflation all over the place," Jim Cramer told TheStreet Live. 

Though the Fed is expected to hold rates steady until at least 2023, investors will be closely listening to how Jerome Powell plans to address inflation fears during today's press conference. 

Until then, Cramer said the market's inflation fears can be summed up in today's market action. 

"You sell the Nasdaq when rates go higher," Cramer said. 

Recap Wednesday's episode of TheStreet Live with Jim Cramer and Katherine Ross in the video above and be sure to catch TheStreet Live every weekday at 10:30 a.m. ET:

Plug Power to Restate Some Financial Results

Plug Power  (PLUG)  will be restating its financial results 

The company said in a news release that it will restate its financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020, which will be disclosed in a Form 10-K with the Securities & Exchange Commission for the year ended Dec. 31, 2020.

KPMG, the company's accounting firm, management, and the audit committee of Plug Power’s board of directors "determined that the company’s prior period financial statements need to be restated due to errors in accounting primarily related to several non-cash items.

“The accounting related to the restatement is complex and technical and involves significant judgments in how to apply U.S. GAAP, given the innovative nature of the company’s business and its leading position in a new and rapidly developing industry,” Plug Power said.

While Cramer said that any restatement of financial results is normally a reason to sell, he said he has more work to do on the stock. "I am inclined to believe that you have to take the long-term view on PLUG," Cramer said. 

Uber Eats and Shake Shack

Shake Shack  (SHAK)  has partnered with Uber Eats  (UBER) on a new delivery service that will be offered within the Shake Shack app.

And this builds on the Shack Track service, which already allows customers to preorder their food via the app for pickup at the walk-up windows at Shake Shacks. 

As a restauranteur, Cramer said he has to maintain his belief that some foods aren't meant for delivery. "Beauty is in the eye of the beholder, I guess," Cramer said. 

Uber's Court Loss Makes U.K. Drivers Employees

Following a court loss in the United Kingdom, Uber said that it will begin to treat its drivers in the U.K. as full-time employees who are entitled to minimum wage and pension benefits among other rights.

Per the company, U.K. drivers will receive an earnings guarantee as well as holiday pay and pensions. The changes will go into effect on Wednesday for the more than 70,000 drivers across the country.

TheStreet's Tom Bemis noted that drivers will receive at least £8.72 ($12) per hour. The company claims that “On average, drivers earn £17 ($23.50)per hour in London and £14 ($19.30) in the rest of the UK on the same basis when driving on Uber.”

"You want Uber to do better than its workers if you're a shareholder. It's bad for the stock of Uber," Cramer said. 

What does it all mean for Uber's path to profitability

"You have a $100 billion company, you don't want any speed bumps," Cramer said. 

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

Daniel Kuhn contributed reporting to this article.