Jim Cramer is weighing in on the jobs report, Uber's earnings and Cult Stocks.
Let's Start With Jobs
Nonfarm payrolls rose to 225,000 in January, up from a revised 147,000 new positions in December and above analysts' forecasts of 161,500, the Labor Department reported on Friday.
The unemployment rate ticked up from a 50-year low to 3.6%. Wages gained 3.1% year on year, a slight rise above December’s 3% pace.
Over the past three months, the U.S. economy added an average 211,000 jobs. Job growth was revised higher in the last four months of 2019. The share of Americans working or looking for work rose in January to 63.4% from 63.2% in December.
So is this jobs report enough to offset ongoing fears around the coronavirus?
Jim Cramer wrote about Uber in his Real Money column Friday morning.
"Who would have thought it: Uber (UBER) - Get Report and Pinterest (PINS) - Get Report executed so well that they actually were able to surprise to the upside. It's pretty monumental given that both of them had the orientation not that long ago of losing a lot of money to make a lot of money. Now they just want to make a little money and we discover that when they go for profitability they can get it," wrote Cramer.
So, based on Cramer's theory from Thursday's show, would Uber have fallen if CEO Dara Khosrowshahi hadn't said that he forecasts profitability by the end of 2020?
And, Finally, Some More Cult Stocks for Our Index
Jim Cramer and I have five more stocks to add to our cult stock index.
Watch to see Cramer's thoughts on these stocks.
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