Stocks fell sharply Tuesday with shares of tech giants remaining under pressure as investors rotated into higher-yielding value stocks and sectors poised to benefit from the economy's recovery.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about Lowe's stock, drug stocks and the larger tech selloff coloring the markets on Tuesday.
Pfizer: Buy Or Sell?
Health-care group Pfizer (PFE) - Get Pfizer Inc. Report posted stronger-than-expected first-quarter earnings and lifted its full-year profit guidance. Pfizer expects to generate around $26 billion in worldwide sales of its coronavirus vaccine.
Cramer said investors should buy Pfizer stock because the amount of money they're making will allow them to be able to buy growth. "They can go buy a company with the gigantic sums of money they're making. They need to buy growth it only sells at 11 times earnings so that's a great opportunity," said Cramer.
Lowe's: Buy Or Sell?
Cramer said home improvements stocks continue to buck the trend because of stimulus payments, because of actual change in what people do. He reiterated that Lowe's is a buy.
Cramer said there is a tech selloff in the market because of the chip shortages and the other half are selling because they think there will be too much supply particularly next year. "I think this tech rollover is what's coloring things. I also see inflation so people feel somehow that the Fed is going to slam on the brakes otherwise interest rates would be up not down," he said.
Cramer added there is a lot of cross-currents that seem to indicate to people that the good times are priced in and it's over. "I do not agree with that," Cramer said.
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