Stock futures were mixed Wednesday following a rebound on Wall Street as investors focused on earnings and the economic impact of rising coronavirus infections across the globe.
It’s Wednesday! Time for Our Members-Only Conference Call
From Chipotle’s (CMG) – Get Report “stunning” earnings report to continued concern about the cryptocurrency Tether, TheStreet’s Jim Cramer has a lot on his plate.
Chipotle: ‘Just Stunning’
Chipotle on Tuesday reported stronger-than-expected second-quarter results, with revenue soaring 39% to $1.89 billion.
The burrito chain said it expected third-quarter comparable restaurant sales to grow in the low- to mid-double digits percent.
“When a company delivers surprise earnings to the upside, it’s mighty hard to keep that stock down,” Cramer told viewers during his daily “Mad Money” recap.
Cramer took his enthusiasm to Twitter, declaring “Chipotle was stunning last night, just stunning.”
Tether: ‘Open Up the Kimono!’
Cramer continued to have issues about Tether, telling Action Alerts PLUS senior analyst Jeff Marks that the cryptocurrency “could basically be the Achilles heel of the entire Bitcoin operation.”
“We don’t know what they own,” he declared. “And we’re very concerned about it.”
In April 2019, New York Attorney General Letitia James announced a court order against Tether, which was under investigation for fraud.
Cramer noted that several people, including Federal Reserve Chairman Jerome Powell, have expressed concern about Tether.
“Tether, open up the kimono!” Cramer demanded. “What commercial paper do you own? Why won’t they tell us?”
Cramer, who said in June that he was worried about Tether following China’s crackdown on Bitcoin, admitted that he was fixated on Tether “because we always like to think about what could go wrong.”
“It’s about the fifth-largest owner of commercial paper in the world and no one knows it,” he said, “and nobody knows it.”
“I’m going to keep shining a light on this,” Cramer vowed.
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