Jim Cramer on Portnoy 'BUZZ,' Cathie Wood, Rocket, Stock Market Wednesday

Jim Cramer and Katherine Ross talk Rocket, Cathie Wood, Rocket, Dave Portnoy's new ETF and more.
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Happy hump day, y'all.

Jim Cramer had one word to describe Wednesday's stock action: Terrible. 

Cramer said investors filing into the industrials is leaving stocks lower into intraday trading. "There aren’t enough industrials to get a rally," Cramer said. 

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

Dave Portnoy's Partners Up to Help Launch BUZZ ETF

Portnoy noted that he's partnering, but no this is not his ETF. The VanEck Social Sentiment ETF, which will trade under BUZZ, is expected to launch on Thursday.

"In essence, BUZZ will invest in the stocks that are receiving the most positive sentiment on the internet and social media. It does this by using an artificial intelligence natural language processing algorithm to scour the web for mentions," wrote David Dierking for TheStreet.

Watch: Jim Cramer Explains 'BUZZ' Around David Portnoy

What's Sending Rocket Soaring?

There's still some back and forth around whether or not Rocket  (RKT) - Get Report has been sent soaring by WallStreetBets investors--who were responsible for the GameStop  (GME) - Get Report rally--but there's not doubting that some traders have jumped into the name, which sent shares rallying on Tuesday.

TheStreet's Martin Baccardax noted, "Rocket Companies, which is controlled by Cleveland Cavaliers owner Dan Gilbert, has more than doubled in value over the past five days despite being one of the most heavily-bet against stocks on Wall Street. The move appears to echo a similar run in shares of GameStop, the money-losing video game retailer that came to define the power of individual investors in their battle with hedge funds and short-sellers when it soared more than 1600% from late January into early February."

Cramer said the short case simply wasn't there when it comes to Rocket. 

"The company demonstrated when they reported earnings that they do fine when rates go up," Cramer said. 

Dollar Tree Earnings

The company reported diluted earnings that came in at $2.13 per share, two cents ahead of the Street consensus forecast. However, revenues, rose 7.1% to $6.77 billion, which came in just shy of analysts' estimates of a $6.875 billion tally 

“I am very pleased with the team’s operating performance for the fourth quarter, highlighted by a solid same-store sales increase, improved gross margin and expense leverage,” said CEO Michael Witynski. “Furthermore, Dollar Tree  (DLTR) - Get Report has completed the rollout of the expanded Crafter’s Square assortment to all U.S. stores and has begun the expansion of our Dollar Tree Plus! initiative to a total of 500 stores, as announced last quarter."

Mad Money Interview: Canopy Growth 

"For his next "Executive Decision" segment, Cramer welcomed back David Klein, CEO of Canopy Growth  (CGC) - Get Report, the Canadian cannabis grower with shares up 43% for the year," wrote TheStreet's Scott Rutt. "Klein had positive things to say about Quatreau, his company's first CBD-infused beverage. He said sales are off to a brisk start and Canopy is using the experience to "test and learn" how they will market drinks like these in the U.S."

"Shifting focus to the U.S., Klein said the trend towards legalization for cannabis continues, and he's confident that through increased education and awareness, everyone will have a good experience with cannabis products. In the meantime, Canopy is focused on operating a profitable business so they will not be seen merely as a speculative company," he continued.

Hear what Cramer only told members of his Action Alerts PLUS investing club Wednesday here. 

Daniel Kuhn contributed reporting to this article.