Stock futures traded lower Monday as Wall Street came off a rough week driven by concern about how rising inflation would affect the U.S. recovery.
In the most recent episode of “Mad Money,” TheStreet Founder Jim Cramer said this week’s earnings would revolve around consumer spending. He also cautioned that some retail stocks have already run big going into their earnings reports, while others have a lot of catching up to do.
TheStreet’s Katherine Ross and Cramer are talking about how to trade Plug Power, Coinbase and crypto and inflation in the economy.
Plug Power: Buy Or Sell?
Plug Power (PLUG) – Get Report jumped Friday after the fuel-cell maker said it completed the restatement of its financial statements for the past three years. The company said the restatements didn’t affect its cash position, business operations or the economics of its commercial arrangements.
Cramer said Plug Power was up “too much.”
“For those who like hydrogen, the stock to like is Plug Power,” he added. “The company has been getting breakout orders, which I like. But at the same time hydrogen is at 60 bucks; it needs to be competitive with oil.
“It’s not there yet, but I like the idea that a BP (BP) – Get Report would roll a dice to do a deal with Plug Power. But it did have accounting issues and I don’t like that.”
Cryptocurrencies once again appear to be at the mercy of Tesla (TSLA) – Get Report Founder and Chief Executive Elon Musk’s commentary, as several of the top digital coins fell sharply Sunday afternoon following a tweet exchange by the electric-car honcho.
Cramer said Musk was an unconventional individual who obviously says if you want to be with me this is what you get.
“And a lot of people want to be with him,” Cramer added. “I think the focus for people who are listening [to Musk] should be Coinbase (COIN) – Get Report. In the end, Coinbase is going to be the partner for many companies that understand crypto.”
Cramer said the two things that could be good for commerce were the opening everywhere and the vaccine.
“Now, there’s not enough demand for the vaccine because we’re not a country like China. We’re not a dictatorship. Therefore, there is no real reward for getting a vaccine. Although it should be enough that you don’t get the disease. You’re going to get a growth economy if you get everyone vaccinated,” Cramer added.
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