Stocks edged higher as investors maintained a focus on inflation.
Here are some of the stories Jim Cramer is watching:
Wendy’s Multiple Not Sustainable
Cramer is still bullish on the fast food company as he notes that short interest in the stock is only 4.4%. But the stock is also trading at 30 times 2023 earnings, which he regards as “unsustainable.”
The rise in Wendy’s stock, seemingly driven by no specific news, matches the activity seen in other stocks that have captured the imaginations and pocketbooks of retail traders.
These investors are encouraging one another on message boards like Reddit to jump into the stock-trading game on expectations of quick profits.
Cramer Is Still a Believer in Bitcoin
Bitcoin prices were falling sharply again Tuesday. The cryptocurrency recently had fallen nearly 11% in 24 hours. Cryptocurrencies declined across the board after the FBI seized back bitcoins that had been paid as ransom in the Colonial Pipeline cyberattack.
Cramer’s Take on GameStop Ahead of Earnings
Analysts are expecting GameStop to report a first-quarter loss of 82 cents a share on revenue of $1.16 billion. It reports on Wednesday.