Stock Market Today With Jim Cramer: Do Not Encourage Buying Yet
Stocks struggled Friday as Wall Street reacted to faster-than-expected factory gate inflation data and the ongoing rise in domestic COVID infection rates.
TheStreet’s Zev Fima and Jim Cramer discussed the food delivery apps after they sued New York City over fee caps and markets on Friday.
DoorDash, Grubhub and Uber Eats
Shares of DoorDash (DASH) – Get DoorDash Report, Grubhub (GRUB) – Get Grubhub, Inc. Report, Uber Eats (UBER) – Get Uber Technologies, Inc. Report were higher after the food-delivery companies sued New York City over fee caps.
The trio are suing the city over legislation that would license them and cap the commissions they can charge restaurants.
Cramer said as a restaurant owner he would side with DoorDash, Grubhub and Uber Eats. “Do they charge too much, it doesn’t matter.. it’s what the customer will bear. DoorDash has several tiers that are very good. They are additive to our bottom line. We do not want to see them discouraged,” he said.
Cramer hoped these delivery companies do not leave New York. “They’re too important, too vibrant,” he added.
Friday’s Market
Cramer said he would not encourage any buying in the markets yet. “I want to warn people that if you do want to buy, please wait till it’s [market] down…It’s too early in September and September is a treacherous month,” Cramer said.
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