Video: Jim's Daily Rundown for Wednesday

In today's Daily Rundown, Jim discusses the market rally, his interview with Marvell Technology Group (MRVL) CEO Matt Murphy, Apple's (AAPL) app store data, and more! Plus, Jim answers a club member question about Amazon (AMZN) and Alphabet GOOGL . 

To watch the replay of the Marvell interview, please go to the site here. 

Also, please check back to this Alert later in the day for an edited transcript.

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Katherine Ross:

Good morning. I'm Katherine Ross and I'm joined by Jim Cramer. We're joining you via Skype this morning. Jim, let's kick it off by talking about the markets, which are higher yet again Wednesday with the reopening trade really leading. What's going on?

Jim Cramer:

Right. Well, what's happening here is it's a whole different group of stocks that are leading us now. It's the Stanley Black and Deckers that are leading us. It's the companies that are involved with retail that have been closed that are leading us. It's the companies that are the semiconductors involved with autos. That's Texas Instruments, by the way, when I think about that. It's restaurants that are finally opening, like Yum. We're seeing tremendous enthusiasm toward that area. Now, you want to be careful. Some of these stocks are up so much in one day that the people who come in tomorrow may be just taking you out of what you bought today or maybe they don't take you out and the stock drops down. But, it's a total rotation toward casinos, toward restaurants that have just opened up, and towards industrials. And, against things like Seattle Gen, which had a remarkable weekend, but is not going to be in favor right now. Boeing is the leader.

Jim Cramer:

You've got to be very careful here because while you throw out the stocks that do well in a slowing economy, if we get a different number from the automatic data or we get a number that's slow, or we get a wave of COVID, you're going to just go back to these stocks. The old stocks that are selling down. So, I think you've got to be careful. I think you need to go back to the barbell approach. I mean, I'm here regretting that I didn't pull the trigger on Yum, I didn't pull the trigger on DuPont. That was bad, I should have, but I didn't and I'm paying the price.

Katherine Ross:

Last night on Mad Money you had Marvell Technology Group CEO, Matt Murphy. What was your biggest takeaway from that interview?

Jim Cramer:

That he's auto. I didn't think he was that auto. I absolutely think that he is doing every... That's not because of the [inaudible]. I mean, that's the kind of industrial... That is literally the industrial way to play tech. Other than NXP and Texas Instruments, you want to be in Marvell. Take a look where Marvell is. It's up a buck 60, it's at 36. It's been a huge win for us, but I'm still going for a double here. I think it goes to 40 bucks. I didn't know it had such strong auto. Auto is what people are looking for, it's what you buy here.

Katherine Ross:

So, post earnings you think that members who want to either establish position or establish a larger position, should they go ahead and-

Jim Cramer:

You can still buy some. Now, remember we're overbought. I suspect that... It's just that Marvell is such a better story now that auto is coming back because it had been a very good story from Data Center and an excellent story for 5G, but out of nowhere, holy cow! It's a great story for auto. It reminds me of the old Harman, in terms of being the brains of the technology inside. It's a huge winner, it's probably one of our biggest winners ever and I'm really thrilled about it.

Katherine Ross:

Morgan Stanley raised Apple estimate this morning on App Store out performance. I know you love Katy Huberty, so let's talk a little bit about this note.

Jim Cramer:

Well, you know it can't move because it's part of the rotation out. People want to buy the stock of Brinker and they want to buy Domino's and want to buy Stanley Black and Decker, and they don't want to buy Apple. That's a great moment to be buying Apple. It's up 10 cents. It's going to be down a buck and a half and that's what you buy because her numbers are so much higher than everybody else. Wait until it's down, you're getting a gift because of the rotation. It shouldn't be long before it's down, it's only up 12 cents. Probably it'll be down a buck and a half, and then you want to pull the trigger.

Katherine Ross:

We have a member question from [Rias] in Toronto. They ask, with the oscillator being so high right now, should I wait to purchase Amazon and Alphabet?

Jim Cramer:

Yes. I mean, those are stocks that are against the rotation. Amazon is down $1.40 and Alphabet is down three. I suspect that those could be each down 20 because the rotation is so powerful and that's when you buy.

Katherine Ross:

Jim, as always it's a pleasure to have you on. Members, thank you for tuning in. I'm Katherine Ross and we'll see you tomorrow.

Jim Cramer:

Bye-bye.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long MRVL, AAPL, AMZN, GOOGL.