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Jim Cramer: The rumors that tax reform is very close will act positively on the market
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Loading...Sometimes it all comes together and we get a bullish news cycle, Jim Cramer told his Mad Money viewers Thursday. Today was one of those days.
On the macro side, interest rates ticked higher and Europe had a good day. Treasury Secretary Steve Mnuchin also made comments that tax reforms could be coming sooner rather than later.
But for guys like Cramer, the day was bullish because of the micro news, the individual companies that are making it happen. American Express (AXP) surprised Wall Street with better-than-expected results that sent shares up 5.9%. That was mirrored by strong results from both Alphabet (GOOGL) and Facebook (FB) , the go-to venues for online advertising.
But then there was good news from rail transport company CSX (CSX ) , which saw growth in every one of its business lines. Foot Locker (FL) also surprised to the upside, sending shares up a quick 5.3%. Cramer fave and Action Alerts PLUS holding KeyCorp (KEY) also delivered, as did paint maker Sherwin-Williams (SHW) .
The only disappointing news for the day came from Verizon (VZ) , Travelers (TRV) and Ebay (EBAY) , Cramer said, but most investors didn't even see that news amidst the flurry of positivity.
For his "Executive Decision" segment, Cramer spoke with Nick Pinchuk, chairman, president and CEO of Snap-On (SNA) , the makers of high-end tools, shares of which soared 5.7% Thursday after the company reported a three-cents-a-share earnings beat on 4.1% organic growth.
In a special interview, Cramer sat down with Matthew Boss, the managing director of department and specialty stores at JPMorgan Chase (JPM) . Cramer doesn't typically interview analysts on "Mad Money" but said he was making an exception for Boss, who's bucking conventional wisdom and saying that now's the time to buy, not sell, the retailers. Among the winners, Boss singled out TJX Stores (TJX), Burlington Stores (BURL), Dollar Tree (DLTR) and Oillie's Outlet (OLLI). Other notables included Foot Locker and even Gap Stores (GPS) , where Boss said that Old Navy is beginning to solidify.
Source: The Street
Jr Trader Petar Milanov
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