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Jim Cramer's Take On Stimulus Talks, Earnings, Fastly's Stock Drop

On CNBC’s “Squawk Box” Thursday morning, Jim Cramer shared his thoughts on a potential stimulus deal, the drop in Fastly shares and earnings from this week. Cramer on Stimulus Deal: Shortly after Treasury Secretary Steven Mnuchin held an interview with CNBC, Jim Cramer shared his thoughts on the stimulus talks.

· 10/15/2020 09:22

On CNBC’s “Squawk Box” Thursday morning, Jim Cramer shared his thoughts on a potential stimulus deal, the drop in Fastly shares and earnings from this week.

Cramer on Stimulus Deal: Shortly after Treasury Secretary Steven Mnuchin held an interview with CNBC, Jim Cramer shared his thoughts on the stimulus talks.

Mnuchin discussed trying to get a deal done for the remaining $300 billion from the Cares Act.

“Get it out right now,” Cramer said of the funding. 

Cramer said we know which sectors need the money, mentioning restaurants and the hospitality sector.

“Target that money,” he said.

With winter coming soon, Cramer is concerned for restaurants, as they will lose the outdoor seating that has helped get them through this time.

Cramer said Congress can work on "something bigger” after the election.

Related Link: Fastly Plummets 30% On Lowered Guidance, Poor TikTok Results

Cramer On Fastly: Shares of Fastly (NYSE:FSLY) fell 30% after-hours Wednesday after pre-announcing earnings.
“Maybe we’re paying too much for these tech stocks,” Cramer said.

Cramer has been bearish and said Fastly rose too high before.

He called the pre-announcement a “difficult number.”

Cramer said investors may be getting “nervous ahead of election,” and the Fastly drop may show that some people believe stocks have risen too much.

Cramer On Earnings: This week kicked off earnings season, with many financial stocks reporting earnings.

Cramer said “Goldman’s quarter was great, Morgan Stanley’s quarter was great.”

He believes Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) should be bought and are being unfairly treated like community banks. He called both “ridiculously valued.”

Walgreens Boots Alliance (NASDAQ:WBA) reported earnings Thursday. Cramer called it a “decent quarter.”

Cramer highlighted the strong earnings from banks and Walgreens this week and told viewers this is “not a time to get wholesome bearish.”