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Stock Market Today With Jim Cramer: Buy Penn National Stock

Jim Cramer discusses the latest stock market news, including how to trade Square after earnings, sports betting stocks and Friday's markets.

Stocks traded higher and tech shares rallied Friday on a weaker-than-expected U.S. jobs report that eased fears about rising inflation.

TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade Square after earnings, sports betting stocks and markets on Friday.

Square: Buy Or Sell?

Square  (SQ) - Get Block Inc. Class A Report reported first-quarter earnings, with sales topping analysts' forecasts amid explosive growth in digital transactions.

Analysts reacted positively to the rising payment-technology star’s earnings report. JPMorgan and BMO Capital Markets raised their price targets on the stock -- to $300 and $269, respectively.

Cramer said "I would pick Square for a lot of reasons including small business sales and the amount of money they can lend to small businesses, the incredible job they did for PPP loans, their endorsement of crypto and the Square app which is an incredible positive. It was a remarkable quarter for Square and the stock is up 13% justifiably," he added.

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DraftKings and Penn National

DraftKings  (DKNG) - Get DraftKings Inc. Report reported first-quarter revenue of $312 million, well above analysts' forecasts, and the sports-betting company raised revenue guidance for 2021 to between $1.05 billion and $1.15 billion.

On Thursday, Penn National Gaming  (PENN) - Get Penn National Gaming Inc. Report reported first-quarter results ahead of analyst estimates.

Cramer said "I don't have a sell case for either Penn National or Draftkings. I just find that these stocks went up a lot and people must have expected something extraordinary and certainly the bar was set too high. I like them both and I would buy both of them," he added.

Friday's Market

Cramer said he's looking at companies in the Nasdaq that have been down endlessly because people feel when the economy reopens, they are not going to be as successful. "Etsy  (ETSY) - Get Etsy Inc. Report, in particular, has been hammered and the company made a very good case for itself; I would buy the stock fairly aggressively. Papa John's  (PZZA) - Get Papa John's International Inc. Report is by far, out of all the restaurants that everybody wants, that's the one to buy. It's doing better than Domino's  (DPZ) - Get Domino's Pizza Inc Report. You've got two that could be easily bought here and would make a lot of sense to buy," Cramer added.

None of the stocks mentioned in this article are key 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.