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Stock Market Today With Jim Cramer: Constellation's Stars Align

Jim Cramer urges investors not to bet against Constellation Brands during the summer season.
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Stocks fluctuated Wednesday as fears over the spread of a highly infectious coronavirus strain overshadowed investors' confidence in an economic recovery.

Equities traded mixed even after private payrolls data showed that U.S. companies added more jobs than expected in June.

The economy added nearly 700,000 new private-sector jobs last month, according to payroll processor ADP. But a downward revision to April's figures indicated uneven improvement in the labor market even as the U.S. recovery continues to outpace forecasts heading into the second half.

Cramer Says Stay Long on Bed Bath & Beyond

Jim Cramer says that investors should stay long on Bed Bath & Beyond. "There is something going on with that business that we don't know about that makes me say 'stay long Bed Bath & Beyond,'" Cramer said. 

Those comments came after the company raised its full-year profit guidance following a mixed quarter. 

The Union, N.J., home-goods retailer said adjusted earnings for the fiscal second quarter ended in May came in at 5 cents a share, swinging from a loss of $1.96 in the year-earlier period and shy of the Wall Street consensus forecast of 8 cents a share. Group revenue rose 49% to $1.95 billion, topping the consensus analyst  estimate of a $1.87 billion tally.

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Payroll processing group ADP said in its National Employment Report, which it compiles with Moody's Analytics, that private sector jobs grew by 692,000 last month, well ahead of the Wall Street consensus forecast of a 600,000 total and the strongest monthly figure since September.

Don't Bet Against Constellation as Summer Nears, Cramer Says

Constellation Brands posted lower-than-expected first-quarter earnings but lifted its full-year profit guidance as improving beer sales offset an ongoing slump in its wine and spirits division.

"There is a glass shortage in Mexico in part because of COVID. Corona and Pacifico need glass. But what happened is that they blew their numbers away. You do not short or sell Constellation going into the summer," Cramer said.