CN Crick’s Jim Cramer on Thursday questioned more ‘is prices’ on Wall Street as he diligently tried to explain GameStop’s excitement of as much as 175% over the past two days.
“I think the average American is currently trying to figure out how to find a stock that triples,” Cramer said. “Forget what you’re talking about with the FAANG. I want a triple.” ‘FAANG, an acronym created by Cramer, represents major technology stocks – Facebook, Amazon, Apple, Netflix and Google’s Alphabet.
“This is what people want. They want a triple. That’s not necessarily what we can offer,” the ‘Mad Money’ host said. “Robinhood wants it. WallStreetBets wants it,” he added, referring to the online brokerage popular with young investors and the Reddit forum at the heart of the GameStop saga.
Against the backdrop of the economic damage caused by the coronavirus pandemic, Cramer disbelieved that GameStop is ‘what’s gripping America’ and the investing public.
The online-driven chase around the video game retailer re-ignited on Wednesday when the stock doubled after the announcement by Jim Bell, chief financial officer, next month. The stock rose by more than 70% at some point on Thursday before the profit was halved in the volatile session.
Cramer said a change in the chief financial officer seems unlikely to be the catalyst for such moves.
Ryan Cohen, a major GameStop investor and co-founder of online pet food retailer Chewy, and GameStop himself were silent during the excessive swing that began last month with a hedge fund cutting about $ 20 a share. % to as high as $ 483. GameStop plunged below $ 50 by mid-February before Wednesday’s rise.
Cohen did post a cryptic tweet Wednesday afternoon, and Cramer and the other “Squawk on the Street” hosts speculated Thursday morning what that might mean.