Stock Market Today With Jim Cramer: When to Buy Peloton

Jim Cramer discusses the latest stock market news including how to trade Peloton, Etsy after earnings and which of the FAANG stocks make for a compelling buy.
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Stocks were rising Thursday after weekly jobless claims fell to a pandemic low, suggesting solid labor market strength heading into Friday's official U.S. jobs report. 

TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade Peloton after recall, Etsy after earnings and which of the FAANG stocks make for a compelling buy.

Peloton: Buy Or Sell?

Shares of Peloton  (PTON) - Get Report retreated after a Bank of America analyst downgraded the stock to neutral from buy and lowered his one-year price target to $100 from $150. The connected-fitness major recalled its Tread and Tread+ treadmills following the death of a child.

Cramer said Peloton CEO John Foley is doing everything right after maybe not doing the right thing initially. "And the stock has been punished endlessly and it's entirely possible that unless everyone takes it back, which I don't think they will, it could be a very interesting stock," said Cramer.

He added buy some Peloton now and then buy some again after an analyst downgrade.

Etsy: Buy Or Sell?

Shares of Etsy  (ETSY) - Get Report were falling Thursday as analysts weighed the online artisanal goods retailer's strong quarterly results against the company's warning of decelerating growth.

Cramer said Etsy is down a lot and you should buy it and hold it if you already own it or buy more if it gets downgraded.

"Etsy is being paid now to take the beating that others had to do vicariously. Etsy is the same company except it's a bunch cheaper today compared to yesterday. It's not damaged goods it's a damaged stock," Cramer said.

He added Etsy is a way of shopping, it's the anti-Amazon way.

FAANG Stocks

Cramer said any of the FAANG stocks like Netflix, Apple, Amazon that are down for the year are very very compelling. "What I don't get is the endless obituary for FAANG stocks, they can't all go up at once for heaven's sake," he added.

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