Stocks were mixed Monday but the tech-heavy Nasdaq gained as investors exited equities that would benefit from the reopening of economies. The move came amid a rise overseas of cases of the highly transmissible coronavirus delta variant.
A jump in Delta variant infections in Asia forced Sydney to issue fresh stay-at-home orders and lockdowns have been extended in Malaysia and Thailand, underscoring the breadth of the new outbreak in the region.
Tesla Is High-Growth Bellwether, Cramer Says
Tesla (TSLA) - Get Tesla Inc Report shares on Monday extended last week's 8% gain as investors digested the impact of a virtual recall of its Model 3 and Model Y sedans in China just days ahead of its hotly anticipated second-quarter-delivery figures.
Earlier this year Founder and Chief Executive Elon Musk hinted at an 800,000 delivery target for 2021. The company had posted a record 499,950 tally for 2020, which it followed-up with a record first-quarter total of 184,800 and revenue of $10.4 billion.
Tesla is hoping that "China is going to be 40% of their market. Wedbush calls it a moment of truth. ... I think Tesla, the stock, remains a bellwether of high growth," Cramer said.
Cramer Says Nvidia Will Get Arm Holdings
Shares of Nvidia (NVDA) - Get NVIDIA Corporation Report were climbing Monday after three of the world's largest chipmakers went against other big tech companies and blessed the graphics-chip specialist's proposed acquisition of U.K.-based Arm Holdings SFTBY.
Broadcom (AVGO) - Get Broadcom Inc. Report, Marvell (MRVL) - Get Marvell Technology Group Ltd. Report and Taiwan's MediaTek have become the first Arm customers to publicly support the $40 billion proposed takeover.
"I remain convinced that [Nvidia President and CEO] Jensen Huang will get Arm," Cramer said on Monday from the floor of the New York Stock Exchange.
"When he assures you of something as he did with Mellanox, you've got to bank with him. I was skeptical of Mellanox. I was wrong."