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Stock Market Today With Jim Cramer: Buy Tesla

Jim Cramer discusses the latest stock market news, including Tesla's stock, Uber's challenges, and the earnings of retailers Urban Outfitters and Nordstrom.

Stocks traded higher Wednesday as Federal Reserve officials maintained their belief that price increases from the recovering economy will be transitory and will ease toward the latter half of 2021.

TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about owning Tesla, Uber's challenges and earnings from Urban Outfitters and Nordstrom.

Tesla: Buy Or Sell?

Tesla  (TSLA)  on Wednesday said that it’s dropping radar from its Model 3 and Model Y cars sold in North America in favor of a camera-based system for its driver-assistance features.

Cramer said Tesla is continuing to bottom and urged investors to buy the stock. "Today and tomorrow are the days that you must buy Tesla because 11 out of 11 times Tesla has been up after Memorial Day," he said.

Uber: Buy Or Sell?

Earlier in May, Uber  (UBER)  reported a decline in revenue for the first quarter and missed analysts' expectations. Earnings topped estimates. Uber indicated it would pay drivers more to get cars back in service as the economy rebounds.

Cramer said Uber is "caught between a rock and a hard place because DoorDash  (DASH)  is really coming after them when it comes to Uber Eats and Lyft  (LYFT)  is coming on, too. I don't want to own that stock," he added.

Retail Earnings

Cramer said retail earnings are "on fire" and the only one "that disappointed was Nordstrom  (JWN) ." 

"Urban Outfitters  (URBN)  did a great job with fashion, Dick's  (DKS)  had a remarkable quarter. I mean, they blew it away. Abercrombie  (ANF)  was good," said Cramer.

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.