Benzinga - by Avi Kapoor, Benzinga Staff Writer.
CNBC’s Jim Cramer can’t recommend Archer Aviation Inc. (NYSE: ACHR). It just has "no earnings power," he said, adding, "There’s so many good stocks right now, we don’t need that."
On Feb. 26, Archer Aviation reported worse-than-expected fourth-quarter financial results. The company reported quarterly losses of 34 cents per share which missed the analyst consensus estimate of losses of 28 cents by 21.43% and represents a 12.82% increase over losses of 39 cents per share from the same period last year. Archer Aviation expects non-GAAP operating expenses of $75 million to $95 million for the first quarter of 2024.
"I think that that Greyhound bus has left the station, and I got to wait," Cramer said on Thursday's "Mad Money Lightning Round" reffering to Robinhood Markets, Inc. (NASDAQ: HOOD).
"I mean, the thing just doubled in no time whatsoever," Cramer said. "We don’t buy doubles here."
Robinhood Markets recently unveiled the Robinhood Gold Card at its first-ever keynote event this week. Co-founder and CEO Vlad Tenev explained the company’s strategy following the event.
The "Mad Money" host recommended not selling Cummins Inc. (NYSE: CMI).
On March 25, JPMorgan analyst Tami Zakaria maintained Cummins with an Underweight and raised the price target from $245 to $275.
Cramer said he would buy some more Crown Castle Inc (NYSE: CCI) stock at this level with a 6% yield. "I think it’s a good idea, and I haven’t felt that way about Crown Castle in ages," he added.
On Jan. 24, Crown Castle reported better-than-expected results for its fourth quarter.
Price Action:
- Shares of Archer Aviation fell 1% to close at $4.74 on Wednesday.
- Robinhood shares gained 3.8% to close at $20.01.
- Cummins shares gained 1% to settle at $294.69 on Wednesday.
- Crown Castle shares gained 3.6% to close at $105.59 during Wednesday’s session.
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