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Market Recap With Jim Cramer: Buy Tesla, Gap, Nvidia, Roblox and Wynn
TheStreet recaps the 10 best stories with Jim Cramer from the past week including Cramer s approach to cryptocurrency, updates on meme stocks, his view of Virgin Galactic and more.
Author:
May 31, 2021 8:00 AM EDT
In the most recent Mad Money program, TheStreet s Jim Cramer said Wall Street s first reactions are almost always wrong. Investors who rush to judgment lose out.
Over on Real Money, Cramer took a closer look at the real numbers behind those at first-blush impressions, and talked with the top executives at Salesforce.com (
Snowflake (
SNOW) - Get Report in its latest quarter again posted a doubling of revenue, but losses also widened faster than expected. Cramer tweeted Wednesday that, SNOW is growing faster, not slower, and is growing like mad in Asia and Europe.
Last week featured eight announced SPAC deals. The week also had earnings from several well-known former SPACs.
Here is a look back at the week that was .
I Would Bet on Wynn Resorts Continuing Its Rally Let s review the charts and indicators. Stocks quotes in this article: WYNN
For his second Executive Decision segment during Wednesday s
Mad Money program, Jim Cramer spoke with Matt Maddox, CEO of Wynn Resorts (WYNN) , and Bill Foley, founder of Austerlitz Acquisition Corp I, to learn more about the company s plan to spin off their online sport betting business.
Maddox said that online sport betting will become a $30-$40 billion dollar business in the next few years. Spinning off their operations was the best way to attack this growing opportunity.
Foley added the new company has the potential to become a dominant player in this business and with Wynn s backing and support, it s only getting started.
Financier Bill Foley. His Austerlitz Acquisition is merging with Wynn Interactive. (Image:
Bloomberg)
In a deal with estimated post-transaction enterprise value of $3.2 billion, Wynn Interactive will merge with the blank-check company, eventually becoming a standalone entity listed on the Nasdaq Stock Exchange under “WBET.” Austerlitz is controlled by Las Vegas Golden Nights owner Bill Foley.
Wynn Interactive currently has market access to 15 states covering approximately 51 percent of the US population, and expects to gain access to additional states in the near-term, resulting in its footprint covering approximately 77 percent of the US population,” according to a statement issued by the Encore operator.