U.S. stocks remain higher late Wednesday led by energy shares, as oil prices pushed higher.
Jim Cramer and TheStreet Senior Portfolio Analyst Jeff Marks talked about the Chinese crackdown on casino stocks and Microsoft's $60 billion buyback.
Shares of casino stocks Wynn Resorts (WYNN) - Get Wynn Resorts, Limited (WYNN) Report and Las Vegas Sands (LVS) - Get Las Vegas Sands Corp. (LVS) Report fell sharply Wednesday on worries of potential intervention by Macau's government on issuing gambling licenses next year.
Macau government officials released a document which outlined that regulators could revise rules for next year's auction of gambling licenses to possibly include government supervision of the companies' day-to-day operations.
Cramer said the casino stock selloff is overdone. "Wynn is not Alibaba, this is a company that has substantial American assets. It's also an American company. If the Chinese are to just confiscate that wealth, I think they recognize that there could be repercussions that they haven't experienced yet," he said.
"I'm sure they want to regulate and they want common prosperity. But they [Chinese regulators] have always in the end favored the growth of Macau. And this is the way you kill growth. A lot of people are saying they want to kill growth everywhere, that's not true. If you kill growth everywhere, there's going to be a revolution.
Microsoft: Buy or Sell?
Shares of Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report were among top gainers on the Dow Jones Industrials index Wednesday, after the software and cloud giant said the board raised the quarterly dividend and approved a new stock buyback.
Microsoft will pay out 62 cents a share from its fourth-quarter earnings. The dividend is payable to holders of record Nov. 18, and the buyback is a perpetual $60 billion program.
Cramer said for Microsoft to be able to do a $60 billion buyback, means its "niggling little price increases are generating a giant amount of cash."
"I think it's a precursor to an amazing quarter. And it's good to see that. This is good news," said Cramer.