Jim Cramer Says These 10 'Frothy' Stocks Are Up Over 200% YTD, Including Rocket Lab, Palantir, And Carvana: Here's What He Suggests Investors Can Do For 'Terrific' Long-Term Returns

For Immediate Release

Chicago, IL – November 14, 2024 – Today, Zacks Investment Ideas feature highlights MicroStrategy MSTR, Tesla TSLA, ARK Innovation ETF ARKK, BuzzFeed BZFD, Comcast CMCSA and GameStop GME.

2 Meme Stocks to Buy Now

Stocks Explode Post-Election

Whether you agree with President-elect Donald Trump’s economic policies or not, one thing is certain: the conclusion of the 2024 U.S. presidential election on Wall Street has unleashed the “animal spirits.” To be fair, stocks have been on a tear since the bear market lows of 2022, boosted by a falling inflation rate, AI/data center spending, and a dovish federal reserve board. That said, whether it was because of more business-friendly policy expectations, less uncertainty, or a combination of both, the recent election threw gas on the fire.

Unleashing the Animal Spirits

You don’t have to look far to notice that the animal spirits are alive and well on Wall Street. Bitcoin and bitcoin proxies like MicroStrategy have gone on rampages higher. In fact, Bitcoin has flipped silver from a market cap perspective. Meanwhile,Tesla just capped its biggest 5-day rally in four years, the lagging ARK Innovation ETF soared 16% in a week, and small caps have clawed their way back to all-time highs after a multi-year drought. Presently, the market is in risk-on mode, and risk-takers are being rewarded handsomely. Below are 2 “spec” meme stocks to consider:

BuzzFeed

BuzzFeed is a left-leaning media organization recognized for crafting engaging content that often goes viral. The media platform combines pop culture trends and current events infused with humor and casual conversation styles that resonate with a younger demographic. BuzzFeed also delves into journalism, news coverage, and video content creation.

Vivek Takes a BuzzFeed Stake

BZFD has struggled since 2021, falling from nearly $60 to under a dollar at one point. However, former Republican presidential nominee, entrepreneur, and future Trump administration cabinet member Vivek Ramaswamy has injected life into the company by taking ~9% stake. In a letter to the BZFD board, Ramaswamy said, “BuzzFeed has lost its way. I own your stock because I believe BuzzFeed can still become a more valuable company than at its initial listing, but this requires a major shift in strategy.”

If anyone can turn around BZFD, it’s Ramaswamy. “Old media”, particularly left-wing media, has been losing viewership, with the latest evidence being Comcast putting MSNBC up for sale. If Ramaswamy can inject some balance into it, it may have a positive impact. Ramaswamy is a best-selling author with strong connections to “new media” juggernauts like Tucker Carlson.

BZFD Breakout

After coiling for several weeks, BZFD shares are breaking out.

GameStop

GameStop is the leading video game retailer, offering the best selection of new and pre-owned video gaming consoles, accessories, and video game titles, in both physical and digital formats.

GME: The Original Meme Stock

Though GameStop is known for being a video game retailer, on Wall Street, its claim to fame is being the king of the meme stocks and speculation. GME has rewarded investors with several short squeezes in its history, most notably the 1600% one-month gain in early 2021. While many investors may scoff at GME’s fundamentals, the meme mania has real-world benefits on the company.

GameStop’s Massive Cash Hoard

Normally, when a stock becomes a meme stock, it has no net benefit when it eventually crashes down. However, GME’s management team has been savvy and sold millions of shares worth of the stock the last few times it spiked. Now, GME has a massive cash hoard.

The company’s massive cash position gives GME the flexibility to invest back into its business, expand into other businesses, pay a special dividend, etc.

Bottom Line

The U.S. election set off the animal spirits on Wall Street. With meme stocks in vogue, GME and BZFD are two stocks with bullish catalysts worth considering.

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Bitcoin's bullish turn since early September has reflected well on MicroStrategy Inc. , with the proxy firm increasing its valuation by $50 billion in the last two months.

What happened: Widely considered a TradFi alternative to holding Bitcoin, shares of MicroStrategy hit a record closing high, past $350, earlier this week. The surge marked the highest level for the shares since the dot-com bubble in March 2000.

The rally propelled the firm's market valuation to $72.26 billion, reflecting an increase of $50 billion since Sept. 6, or 225%. Just for context, the gain was higher than the total capitalization of Ford Motor Co. and Cognizant Technology Solutions Corp. .

Year-to-date, MicroStrategy has leaped 374%, outperforming some of the hottest stocks on Wall Street, including the "Magnificent Seven."

The upswing coincided with the record-breaking play of Bitcoin, which was swiftly approaching the $100,000 milestone. Since Sept. 6, Bitcoin has surged more than 60% in value.

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Why It Matters: The Bitcoin portfolio of MicroStrategy—a company that has pioneered the leading cryptocurrency's corporate adoption—has ballooned past a whopping $25 billion, according to data from bitcointreasuries.net.

At an average acquisition price of $11.92 billion, the firm racked up over $13 billion in unrealized profit on its Bitcoin purchases.

In its third-quarter results report, the company announced plans to raise as much as $42 billion in equity and debt funding over the next three years to accumulate more Bitcoin.

Price Action: At the time of writing, Bitcoin was exchanging hands at $89,917.11, up 3.06% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy were up 2.87% in after-hours trading, after pulling back 7.91% during Wednesday's regular trading session.

Image via Shutterstock

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• Cathie Wood-Led Ark Sees Boost For Bitcoin, Crypto Under Trump Administration, Says IPO Window For Circle, Kraken Could Reopen

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Rocket Lab USA Inc‘s stock surged nearly 30% in trading on Wednesday following strong third-quarter results, with CEO Peter Beck highlighting the company’s expanding presence across multiple space sectors during an interview.

What Happened: The space company reported third-quarter revenue of $104.81 million, exceeding analyst expectations and marking a 55% year-over-year increase. Beck emphasized the company’s growing $1.05 billion backlog for their small Electron rocket and confirmed the larger Neutron rocket remains on schedule for its debut launch next year.

“Launch is super important; it’s literally the key to space,” Beck told CNBC’s Morgan Brennan. “But the Space Systems group is what enables us to build infrastructure in orbit.” He noted the division currently has over 40 spacecraft in backlog, ranging from Mars missions to telecommunications and national security projects.

Addressing potential political implications, Beck expressed optimism about space policy under President-elect Donald Trump‘s administration, citing its focus on space, national defense, and efficient contracting. “When space does well, Rocket Lab does well,” he stated.

See Also: SoftBank Is In Profit Once Again Thanks To Indian IPOs: What’s Next For Masayoshi Son?

Why It Matters: The company’s recent performance has been remarkable, with shares up more than 350% over six months. Beck attributed this partly to investors’ growing understanding of Rocket Lab’s position as the second-largest space company behind Elon Musk-led SpaceX, which is valued at over $200 billion compared to Rocket Lab’s sub-5% relative valuation.

Looking ahead, Rocket Lab projects fourth-quarter revenue between $125 million and $135 million, anticipating continued growth through year-end. The company has also secured new contracts, including a multi-launch agreement with a commercial satellite constellation operator and an $8 million award from the U.S. Air Force Research Laboratory.

Price Action: Rocket Lab stock closed at $18.83 on Wednesday, up 28.44% for the day. In after-hours trading, the stock dipped 0.58. Year-to-date, Rocket Lab has surged 254.61%, according to data from Benzinga Pro.

Read Next:

• Cathie Wood Cashes Out On Rocket Lab’s 28% Surge in $9M Share Sale But Expands Bet On Flying Cars

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

On Wednesday, major U.S. indices showed mixed results: the Dow Jones Industrial Average edged up 0.1% to close at 43,958.19, while the S&P 500 gained a slight 0.02% to end at 5,985.38. Meanwhile, the Nasdaq slipped 0.3% to finish at 19,230.72.

These are the top stocks that gained the attention of retail traders and investors throughout the day:

Palantir Technologies Inc.

Palantir closed the day with a 1.42% gain at $60.70, with an intraday high and low of $63.39 and $59.85 respectively. The stock’s 52-week high and low stand at $63.39 and $15.66. The company recently announced the renewal of its multi-year enterprise agreement with mining giant Rio Tinto Plc, extending the partnership for an additional four years.

Amazon.com Inc.

Amazon’s shares rose by 2.48% to close at $214.10. The stock’s intraday high and low were $215.09 and $209.14, with a 52-week high and low of $215.09 and $139.53. The company launched a low-cost shopping storefront called "Haul" to compete with heavily discounted Chinese products from competitors like Temu and Shein.

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Cisco Systems Inc.

Cisco’s stock increased by 0.80% to close at $59.18. The intraday high and low were $59.28 and $57.84, while the 52-week high and low were $59.38 and $44.5. The company reported first-quarter revenue of $13.84 billion, beating the consensus estimate of $13.77 billion.

Intuitive Machines Inc.

Intuitive Machines saw a significant 13.08% increase to close at $11.76. The stock’s intraday high and low were $12.99 and $10.60, with a 52-week high and low of $13.25 and $2.09. The company’s shares rose in anticipation of its earnings report, set to be released on Thursday.

Tesla Inc.

Tesla’s shares saw a slight increase of 0.53% to close at $330.24. The stock’s intraday high and low were $344.60 and $322.50, with a 52-week high and low of $358.64 and $138.80. The EV giant recalled 2,431 Cybertrucks in the U.S. over concerns of a potential loss of drive power to the wheels.

Prepare for the day’s trading with top premarket movers and news by Benzinga.

Image via Shutterstock

Read Next:

• Bitcoin, Ethereum Consolidate, Dogecoin Surges As Election Rally Takes A Breather: Analyst Says Pullback ‘Typical’ For Healthy Market

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

On Wednesday, the Cathie Wood-led Ark Invest made substantial trades in Rocket Lab USA Inc , Amazon.com Inc , and Archer Aviation .

The Rocket Lab USA Inc Trade

Ark Invest sold 479,628 shares in Rocket Lab USA. The trades were made through ARK Autonomous Technology & Robotics ETF A and ARK Space Exploration & Innovation ETF A and were valued at almost $9 million. On Wednesday, Rocket Lab shares shot up over 28% to $18.83.

This sale came after Rocket Lab reported better-than-expected financial results for the third quarter and announced a multi-launch agreement with a confidential customer. The company was also awarded a defense contract worth up to $8 million. Rocket Lab’s shares surged after it reported revenue of $104.81 million, beating the consensus estimate of $102.28 million. The company also reported a loss of 10 cents per share, which was less than the expected loss of 11 cents per share. Rocket Lab expects fourth-quarter revenue in the range of $125 million to $135 million and plans to end the year with more Electron launches. The company has already set an annual launch record with 12 Electron launches to date.

The Amazon.com Trade

Ark Invest also purchased Amazon.com shares. Those transactions were made through ARKQ and ARKX and were valued at $956,812. On Wednesday, Amazon shares ended the day 2.48% higher at $214.10.

Amazon’s stock rose after the company launched an online storefront called “Haul,” designed to compete with Temu. The storefront offers low-cost shopping, with products priced to compete with heavily discounted Chinese products from competitors like Temu and Shein. Chinese e-commerce platforms have built loyal user bases by offering steep discounts on merchandise. Amazon began talking with China-based sellers about offering a similar service earlier this year.

The Archer Aviation Trade

Archer Aviation was another significant trade made by Ark Invest. The firm purchased 57,395 shares of the company for $245,650. The trades were made through ARKQ and ARKX. Archer Aviation shares closed Wednesday 8.15% lower at $4.28.

Archer Aviation, a frontrunner in the electric vertical takeoff and landing (eVTOL) aircraft sector, has seen its stock price soar after signing a major deal with a Japanese aviation giant and reporting solid earnings for the third quarter of fiscal year 2024. Archer Aviation’s strategic alliance with Soracle, a joint venture between Japan Airlines (JAL) and Sumitomo Corporation, has electrified the eVTOL market. Soracle has obtained the right to purchase up to 100 of Archer’s Midnight aircraft, with a potential value reaching $500 million. This agreement marks a significant financial boost for Archer and a calculated entry into a market ripe for urban air mobility disruption.

Importantly, Ark also purchased 55,770 shares of Joby Aviation Inc . Joby is also an eVTOL company. The transaction amounted to $329,043.

See Also: Dogecoin Tumbles Despite Elon Musk, Vivek Ramaswamy’s ‘DOGE’ Appointment: This Is What Indicators Tell About Its Next Moves

Other Key Trades:

• Ark purchased 1,000 shares of Advanced Micro Devices, Inc. through ARKX. The transaction was valued at $139,300.
• The Wood-led firm purchased shares of Iridium Communications Inc. (IRDM), L3Harris Technologies Inc. (LHX), and Schrodinger Inc. (SDGR).
• Ark Sold shares of Repare Therapeutics Inc. (SNTI) and Adaptive Biotechnologies Corp. (ADPT) along with Exact Sciences Corp. (EXAS).

Read Next:

• Dogecoin, Bitcoin Returns Are Dazzling But First Neiro On Ethereum And Popcat Have Run Up 55000% and 20000% So Far In 2024

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.