Tags: Coronavirus | jim cramer | hope | covid | vaccine | stocks

Jim Cramer on Pfizer Vaccine: 'Suddenly We Have Hope'

By    |   Monday, 09 November 2020 12:32 PM

Investment guru Jim Cramer said investors should be excited about what Pfizer’s COVID vaccine means as a scientific breakthrough for everyday life and the stock market.

“If you think about where we were last week, where we felt that there was very little chance to be able to stop this thing, now suddenly we have hope,” Cramer said on CNBC.

The S&P 500 and Dow hit record highs moments after the open on Monday, as news of the first successful late stage COVID-19 vaccine trials stirred hopes of the economy emerging from a year of pandemic-driven crisis, Reuters reported.

“I think that the rally is justifiable,” said Cramer. “I think we’re going to start a new discussion, and the discussion is what’s America going to look like post COVID.”

“We came in here thinking that the disease is out of control. There were some states where we just felt like we lost any ability to contain, that there really wasn’t anything we could do,” said Cramer. “People were talking about a national lockdown or local lock down under a new president, and this may end that,” he said.

Pfizer said on Monday its experimental vaccine was more than 90% effective in preventing COVID-19 based on initial data from a large study, a major victory in the fight against the pandemic, Reuters reported.

Pfizer (PFE) and German partner BioNTech SE (BNTX) are the first drugmakers to show successful data from a large-scale clinical trial of a coronavirus vaccine.

“This is not a company that’s never brought anything to market this is one of the greatest companies in the world I want to point out that the cynicism about science was unrelenting,” Cramer added. “There’s a belief among some people that science was never going to be able to tackle this, that’s wrong too.”

Despite the positive vaccine news, Cramer said struggling Americans still need a second stimulus bill from the Federal government, CNBC.com explained.

“There’s small and medium sized businesses that are being hurt, and there should be I think some compensation,” said Cramer. “What happens if travel returns, what happens if countries all over the place come back given all the stimulus. Of course they’ll be naysayers, these are probably people that missed the rally. This is a reason for genuine optimism, why don’t we just celebrate it?” he asked.

“There’s a lot of people who felt growth was going to drop dramatically and I think that’s going to be off the table and people will have to radically revise their estimates up from next year,” Cramer added.

To be sure, investors and financial experts cheered the news.

The (vaccine effectiveness) has far exceeded even the wildest of optimistic expectations and the market is reflecting that," said Thomas Hayes, managing member at Great Hill Capital Llc in New York.

"This is getting to the end of the crisis (and) is a game changer."

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Investment guru Jim Cramer said investors should be excited about what Pfizer’s COVID vaccine means as a scientific breakthrough for everyday life and the stock market.
jim cramer, hope, covid, vaccine, stocks
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2020-32-09
Monday, 09 November 2020 12:32 PM
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