U.S. stocks edged up Monday, boosted by technology stocks and full approval for Pfizer and BioNtech’s COVID-19 vaccine.
Jim Cramer and TheStreet Senior Portfolio Analyst Jeff Marks talked about Monday’s market conditions and Tesla Chief Elon Musk’s “first disaster.”
Pfizer: Buy or Sell?
Stocks rallied Monday after the U.S. Food and Drug Administration granted full approval to Pfizer (PFE) – Get Report and BioNtech’s (BNTX) – Get Report coronavirus vaccine, marking the agency’s first authorization since granting emergency use late last year.
Cramer said sometimes this market is not that smart. “I don’t think anyone doubted the idea that Pfizer was going to be able to get approval. But as you look at the CDC [Centers for Disease Control and Prevention] and the FDA, they’ve been so fickle, maybe you know people are genuinely surprised.”
“I know that only three weeks ago the FDA was saying maybe we’ll approve it in September. I think Biden pushed it. But travel and leisure is roaring, oil is roaring, but it bounced at $60 as we said it would. And big tech, when big tech is on fire, many things work,” he added.
Tesla: Buy or Sell?
“I also saw the actual pickup truck go by an F-150. And this thing is not just ugly, I mean you’ve got to love Tesla to get this thing. It’s an eye sore,” he said.
“I still like Tesla because I think it’s been unfair the way that their autonomous driving has been handled. There’s many more accidents from drunk drivers. But I recognize that this pickup truck is going to be a disaster. His first disaster,” he added.