Jim Cramer has a new group of stocks to look at, "the magnificent seven."
"The magnificent seven have become household names during the pandemic, Cramer said, and as long as we're waiting on a vaccine, these stocks will continue to rise," wrote TheStreet's Scott Rutt. "First on the list were Netflix (NFLX) - Get Report and Roku (ROKU) - Get Report, the two go-to names for streaming entertainment. With movie theaters still in limbo, investors continue to buy these stocks regardless of their earnings. Next up were a pair of fintech favorites, PayPal (PYPL) - Get Report and Square (SQ) - Get Report. Cramer said these companies are democratizing money and are synonymous with the small business economy."
Rutt continued, "Then there's Tesla (TSLA) - Get Report, a perennial cult favorite. Cramer said shareholders of Tesla are convinced the company will grow into its sky-high valuation and quarterly earnings will not dissuade them. The same applies to Peloton (PTON) - Get Report, the exercise equipment maker that's taking the fitness world by storm now that gym memberships have become hazardous to your health. Finally, there's the leader of the magnificent seven, Zoom Video (ZM) - Get Report."
So, if you're a Robinhood investor looking to set up a new portfolio, which stocks do you need to consider adding?
Cramer breaks it down in the video above.
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