Stocks rebounded Friday from the previous session’s broad losses as worries about spreading COVID-19 variants and their impact on global growth eased.
Shares of Alphabet (GOOGL) – Get Report, Amazon.com (AMZN) – Get Report, Apple (AAPL) – Get Report and Facebook (FB) – Get Report traded higher Friday following reports that President Joe Biden would push for changes in the technology industry.
Specifically, Biden was set to sign an executive order Friday directing regulatory agencies to more closely investigate industry mergers and tech companies’ use of consumer data.
Biden Administration ‘Anti-Business,’ Cramer Says
“Very anti-business presidency. Far more than Obama…,” Jim Cramer said from the floor of the New York Stock Exchange Friday. “I’m mystified by President Biden. He’s using a shotgun when he should use a rifle.”
Shares of Alphabet (GOOGL) – Get Report, Amazon (AMZN) – Get Report, Apple (AAPL) – Get Report and Facebook (FB) – Get Report were little changed on Friday after reports said President Joe Biden would sign an executive order Friday directing regulatory agencies to more closely investigate industry mergers and tech companies’ use of consumer data.
“Both Republicans and Democrats don’t like Amazon. Amazon has put a lot of companies out of business. A lot of mom and pops were destroyed by Amazon, but a lot of mom and pops were destroyed by Walmart (WMT) – Get Report,” Cramer said. “I get concerned when we have companies that the average person loves that are under attack by Washington.”
Cramer On Boeing’s Quarter
Boeing next week is scheduled to report second-quarter earnings, and Jim Cramer isn’t confident going into the print.
“I think the quarter is going to be bad,” Cramer said. “There is no reason to think it’s going to be good. Remember, they didn’t win a lot of orders. Second, I look at the balance sheet,” and if the company decided to do an equity offering, “that would be a great time to buy.”
Analysts are expecting Boeing to report a second-quarter loss of 69 cents a share on revenue of $17.9 billion.