Jim Cramer Says Markets Are Not Giving Pfizer News Reaction It Deserves

In Wednesday's market breakdown, Jim Cramer talks Pfizer's U.K. vaccine approval, Salesforce buying Slack, President-elect Biden's economic team and more.
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Happy Hump Day!

Stocks finished higher Tuesday with the S&P 500 and the Nasdaq both closing at records as Wall Street came off a November that was its best monthly performance since April.

And Pfizer's vaccine was approved by the U.K.

The decision by the U.K. to approve the vaccine for emergency use came ahead of expected approvals from the U.S. and the European Union.

The shot will be available to the first round of eligible people in Britain starting next week.

Jim Cramer said the Pfizer news isn't "being greeted as it should by the stock market," though the S&P 500 later managed to close slightly higher, marking another all-time high. 

"This is the first news that’s really moved the needle on Pfizer," Cramer said.  

In the video below, Jim Cramer talks Pfizer  (PFE) - Get Report, Salesforce  (CRM) - Get Report, McDonald's  (MCD) - Get Report, the ADP jobs report and more: 

“The government has (Wednesday) accepted the recommendation from the independent Medicines and Healthcare products Regulatory Agency to approve Pfizer-BioNTech’s Covid-19 vaccine for use,” the U.K. said. “The vaccine will be made available across the U.K. from next week.”

“This authorization is a goal we have been working toward since we first declared that science will win, and we applaud the MHRA for their ability to conduct a careful assessment and take timely action to help protect the people of the U.K.,” said Pfizer CEO Albert Bourla.

Cramer said the news creates further confidence in the ability to distribute a vaccine in the U.S. "It does show that Pfizer has the capability for far more vaccines than people realize...We will be ready to go the second the FDA says ‘yes," Cramer said, adding that he expects the FDA to face "remarkable" pressure. 

And we have the details on Salesforce's acquisition of Slack. 

Slack shareholders will receive $26.78 in cash and 0.0776 a share of Salesforce common stock for each Slack share, representing a 55% premium to Slack’s price on Nov. 24, the day before reports surfaced about a potential deal.

The acquisition is Salesforce’s largest ever. It's expected to close by the end of July.

"This is a match made in heaven," said Marc Benioff, chairman and CEO of Salesforce. "Together, Salesforce and Slack will shape the future of enterprise software and transform the way everyone works in the all-digital, work-from-anywhere world. "

After interviewing Benioff on CNBC's "Mad Money," Cramer said the acquisition as a smart move. "What Marc is trying to do is put together a coalition of the companies that are most amenable to a 360-workforce...it's a very smart acquisition," Cramer said. 

Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Read their market updates.

Daniel Kuhn contributed reporting to this article. 

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