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Jim Cramer: Tesla and Amazon Have the Headlines to Trade Higher
Jim Cramer talks about a story written on Thursday by TheStreetâ¿¿s Antone Wahlman, the article says that maybe the secret of Tesla is that none of the big automotive companies really care about Tesla and the 35,000 electric cars that it may make. Cramer says it is therefore a wide open field for Tesla. Cramer says Wahlman's piece looks at why if one of the big car makers wanted to crush Tesla eventually they could, but it isn't important to them. Cramer says Tesla and Amazon are cold stocks and they're loved by people but Cramer prefers stocks like Rite Aid that he can analyze. Cramer predicts Rite Aid can go to $10. Cramer says that if investors want to invest in Tesla and Amazon, they have the positive news headlines these stocks tend to trade off of. Cramer says he can understand why the shares move higher.
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Caterpillar Inches Lower as Demand for Mining Machinery Stalls
Shares of Caterpillar fell on Friday making it TheStreet's Move of the Day. The manufacturer of construction equipment said global machinery sales plunged 10% over the three months to August. Machinery demand was markedly weak in Latin America where sales tanked 29% year-over-year. Softness in the region was partially offset by sales in North America which climbed 8%. In its mining equipment division, sales plummeted 33% globally. Demand has suffered, a product of mining companies relying upon pre-existing mines in lieu of expanding or opening new sites. Caterpillar was Friday's worst performing-stock on the Dow Jones Industrial Average.
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Alibaba Starts Trading at $92.70, Cramer Warns Against Buying High
Chinese e-commerce giant Alibaba began trading on the New York Stock Exchange on Friday, opening at $92.70 with an initial offering price of $68 a share. In the moments after the stock began trading, it climbed higher -- nearly touching $100. But Jim Cramer says investors should beware of buying too high. Cramer says the stock is not a bargain between $90 and $100, and investors who care about valuation will sell it at those levels. The company started trading with a market capitalization of about $228.5 billion, making it more valuable than both Facebook and Amazon. Its market capitalization is still behind that of Apple and Google.
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Nasdaq Turns Lower, Dow and S&P 500 Still Higher on Alibaba Debut
The Nasdaq turned lowered in midday trading Friday as the other major markets continue to move higher, boosted by the excitement over Alibaba's (BABA) debut at the New York Stock Exchange. The Chinese e-commerce giant priced its IPO at $68 a share and it began trading at $92.70 a share up roughly 35%. Yahoo (YHOO) owns about a 24 percent stake in Alibaba and is trading higher. The Conference Board's index of leading economic indicators increased 0.2% in August. The expectations was for a rise of 0.4%. Concur Technologies (CNQR) is up about 18% on news it will be bought by German's software giant SAP for $8.3 billion. Telsa (TSLA) is moving lower after an analyst at Goldman Sachs (GS) commented on concerns about the timing and capital needs of the new gigafactory.
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Fifth Avenue Logjam as Consumers Wait to Pick Up iPhone 6
The line to pick up the next generation of iPhones extended from Apple's flagship store in New York all the way down Fifth Avenue Friday morning. Those first in line had been waiting for upwards of 20 days for the iPhone 6. It was the first time Apple was allowing consumers to pick up the device in-store. The new bigger 5.5-inch screen on the iPhone 6 Plus was a big draw for gamers and avid fans of video on their phone. Mashable's Chief Correspondent and Editor-at-Large Lance Ulanoff talks about the improved functionalities. Meanwhile, Samsung starts taking pre-orders today for the Galaxy Note 4, which sports a 5.7 inch screen.
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Alibaba Recommended as 'Buy' by Cantor Before a Single Trade
In Friday's Analysts' Actions, Cantor rates Alibaba a BUY, Oracle gets downgraded and Rite Aid gets a price target cut. Cantor Fitzgerald initiated coverage of Alibaba (BABA) before a single share even traded with its top 'BUY' rating and a price target set at $90 a share. The stock IPO'd on the top end of the range at $68 so that's about a 32% increase. The firm believes the Chinese e-commerce giant is the best way to play the growing online consumer market in China. Oracle (ORCL) was downgraded at Deutsche Bank to HOLD from BUY. The price target was also lowered to $42 from $48. The analysts there say Larry Ellison stepping down is a concern as the company faces transitions in the industry. JPMorgan cut its price target for Rite Aid (RAD) to $6.50 from $8. The firm is maintaining its OVERWEIGHT rating for the stock but says Rite Aid's disappointing full year outlook is the reason for the lowered estimate. The firm is reiterating its OVERWEIGHT rating. The lower price target is due to Rite Aid's disappointing guidance full year.
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Yelp's 2014 a Sorry Follow Up to '13, But Analysts Optimistic
TheStreet's e-commerce Chart of the Day continues throughout this week, as we bring some of the web's heavy hitters on the shopping scene: Today, is Yelp, which roared onto public markets after spurning a Google takeout offer, then soared after its IPO debut. The stock more than tripledacross 2013, but 2014 has been a different story, as Yelp's lack of profitability held its shares back. That all changed, with a surprise beat this summer, and now analysts are lifting their outlook for Yelp stock, The nextearnings report won't come until November, but this is one stock that could be oversold.
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Alibaba's Day Boosts Yahoo, Ellison Out at Oracle, Cramer Drills Ensco
The countdown is over and the biggest IPO of 2014 has arrived -- it's time for Alibaba's arrival on public markets, after an initial delay took the offer through the end of summer. For the last month, Yahoo! shares have served as a proxy for market watchers waiting on Alibaba's roadshow. Plus, Oracle CEO Larry Ellison steps down from the lead role at the company he brought public in 1986 . And, Jim Cramer is drilling down on one bet that's been a money-loser for a lot of investors in 2014, but now, he says, the offshore driller is set to strike it rich on public markets, and Jim is looking for double-digit gains.
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What to Watch on Wall Street for Friday, September 19th 2014
In today's "What to Watch on Wall Street" segment for Friday, Sept. 19th 2014, we report on Alibaba as the highly-anticipated, and possibly the world’s largest stock offering, makes its market debut. The Chinese e-commerce giant will hit trade on the New York Stock Exchange starting Friday. In Scotland, the results from the independence vote are expected out around 1 a.m. eastern time. Voters began casting their ballots on Thursday in a historic referendum on whether to be an independent country or stay in the U.K. On the U.S. economic calendar, the Conference Board Leading Economic Index for August will be released. For the latest financial news and updates from Wall Street, check back here on TheStreet.com throughout the day.
5:17Now watching Up next
Alibaba IPO Prices at $68 a share, Company Will Raise $21.8B
Alibaba is set to begin trading on the NYSE Friday after its IPO priced at $68 a share, the top of the expected range. The offering will raise $21.8 billion for the Chinese business-to-business Internet site founded by Jack Ma. The IPO, one of the largest ever, will give Alibaba a market valuation of roughly $168 billion. Investors who want to buy into China's rapidly growing Internet sector have been vying to get shares since executives kicked off the road show last week. Gil Luria, Alibaba Analyst at Wedbush Securities, says the shares could have been priced higher but underwriters want to make sure the price moves higher and the first day of trading goes smoothly. Luria says there is a lot of interest in the shres because 'there are not a lot of businesses that have this kind of growth, this fast or are this profitable.' Wedbush has an $80 a share near-term price target on Alibaba. TheStreet's Ruben Ramirez has details.