Jim Cramer discusses what the drop in cloud stocks signals for the IPO market.
Cloud stocks took a tumble during the trading session that was potentially fueled by investment funds raising cash to get ready for the next big initial public offering, CNBC's Jim Cramer said Thursday.
Lyft shares, after falling near $66 per share after its public debut Friday, closed up nearly 3% at $72, its initial IPO price. "A lot of money managers are betting we'll get a trade deal in the not-too-distant future, which is why Boeing and Caterpillar roared higher today," the host said. Cramer noted that Wall Street is"short-sighted" and typically frowns upon news that a company will make investments because investors are less inclined to buy into the long-term view."It's the cost of being public," Maloney said, shrugging off those concerns.Intuit has a new management team. Cramer said the company's leadership seems to be executing, but cautioned that the stock is a bit expensive as it has run up dramatically.
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