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Stock Market Today With Jim Cramer: How to Trade Palantir

Jim Cramer discusses the latest stock market news, including how to trade Palantir after earnings, the L Brands spinoff, and markets on Tuesday.

Stocks sank Tuesday on renewed anxiety over the prospects of higher inflation.

TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade Palantir after earnings, the L Brands spinoff and markets on Tuesday.

Palantir: Buy Or Sell?

Shares of Palantir  (PLTR) - Get Palantir Technologies Inc. Class A Report fell on Tuesday, even as the data-analytics company posted sales that beat analysts' forecasts and said it saw stronger growth ahead amid an unexpected surge in stock compensation costs.

Cramer said it's very hard to see the stock go down very big. "I knew it should be down because it didn't blow away the revenue. I don't expect it to go back to $22. The stock is down but Palantir is OK; the revenue growth was tremendous. When I look at the volume of 104 million shares, it tells you that the WallStreetBets people, perhaps the Robinhood people and Cathie Wood maybe are making a stand because when you see that level of volume of stock it's a battleground," he added.

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L Brands: Buy Or Sell?

L Brands  (LB) - Get L Brands, Inc. Report said Tuesday that it planned to separate Victoria's Secret and Bath & Body Works into two publicly traded companies after receiving "multiple potential buyers" for the iconic lingerie group. 

Cramer said the spinoff is an unthinkable move. "The numbers are very good for L Brands. The move was spectacular and the move has kind of happened. I do like some of the tape here but I'm not going to go there for L Brands unless Cathie Wood goes there," he said.

Tuesday's Market

Cramer said the market is pretty much in free fall. "If you believe in a bottom today you would buy NortonLifeLock  (NLOK) - Get NortonLifeLock Inc. Report, Roblox  (RBLX) - Get Roblox Corporation Class A Report, which had a fantastic quarter, Amgen  (AMGN) - Get Amgen Inc. Report and Eli Lilly  (LLY) - Get Eli Lilly and Company Report," said Cramer.

Eli Lilly and NortonLifeLock are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer adds or removes stocks from his portfolio? Learn more now.