Jim Cramer Says This Quantum Stock 'Makes No Money,' Prefers IBM — And Tells A Crypto Stock's Investors: 'If You Want To Own Bitcoin, Own Bitcoin'
On CNBC's “Mad Money Lightning Round,” Jim Cramer said Xanadu Quantum Technologies Limited (NASDAQ:XNDU) makes no money and recommended buying IBM (NYSE:IBM) instead for investors who want exposure to quantum computing.
According to recent news, Xanadu Quantum Technologies announced on May 21 a synthetic at-the-market equity facility for up to $300 million.
When asked about BP (NYSE:BP), he said, ” If you want to own an oil company, I think it's fine. I prefer Chevron (NYSE:CVX) on the large, and I prefer EQT (NYSE:EQT) on the natural gas side.”
BP announced on May 26 that it had appointed Albert Manifold as chair and director with immediate effect.
“It would be a company I would own if I wanted to own Bitcoin (CRYPTO: BTC), except my belief is, if you want to own Bitcoin, own Bitcoin, but there are other things that are positive about it,” Cramer said when asked about Galaxy Digital (NASDAQ:GLXY).
On Friday, Morgan Stanley Wealth Management and Galaxy Digital announced a new referral capability. Under this arrangement, eligible clients can lend cryptocurrency directly to Galaxy. In return, they receive shares of spot crypto exchange-traded products (ETPs), including the Morgan Stanley Bitcoin Trust (MSBT).
Cramer said he can't recommend Tractor Supply Co. (NASDAQ:TSCO) as the numbers are bad.
On June 5, Guggenheim analyst Steven Forbes maintained Tractor Supply at Buy and lowered the price target from $60 to $50.
Cramer recommended buying CBOE Global Markets (NASDAQ:CBOE). “The stock broke down here for no real reason. I would buy a little bit here, and then if it comes in buy more, but it suddenly became a very ugly chart,” he noted.
Price Action:
- Xanadu Quantum Technologies shares rose 1.3% to settle at $13.07 on Monday.
- BP shares rose 1.8% to close at $43.72.
- Galaxy Digital shares jumped 21.4% to close at $30.51 on Monday.
- CBOE Global Markets shares slipped 0.6% to settle at $280.32.
- Tractor Supply shares gained 1.2% to settle at $30.14.
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