Stock Market Today With Jim Cramer: Pfizer's More Rigorous Vaccine

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Jim Cramer discusses the latest stock market news including Pfizer’s vaccine, Apple’s cutback on its developer fee and investor expectations from the markets on Wednesday.

Stocks traded mixed Wednesday as investors cheered progress toward the development of a coronavirus vaccine, but remained cautious as infection numbers continue to rise.

The Dow Jones Industrial Average fell 189 points, or 0.63%, to 29,595, the S&P 500 was down 0.6% and the Nasdaq fell 0.3%.

TheStreet’s Katherine Ross discussed breaking news in the stock market. Cramer spoke about Pfizer’s vaccine candidate, Apple’s cutback on its developer fee and investor expectations from the markets on Wednesday.

Pfizer: Buy Or Sell?

Pfizer  (PFE) – Get Report said Wednesday that its developing coronavirus vaccine reached a 95% efficacy rate, topping that of Moderna’s  (MRNA) – Get Report

Pfizer and its German partner, BioNTech  (BNTX) – Get Report, said the efficacy rate of the vaccine, known as BNT162b2, was consistent across all age and race demographics and based on a total case-cohort of 170.

Cramer said he would get the Pfizer vaccine if given the chance because he felt it was more rigorous than Moderna’s.

Apple: Buy Or Sell?

Apple  (AAPL) – Get Report announced Wednesday that it is cutting the fees charged to smaller developers who sell software and services on the App Store by 50% in a move that will take effect in January 2021; the move affects those who make less than $1 million in annual App Store revenue and reduces Apple’s fee from 30% to 15%.

Cramer said it was a move to help small businesses. “A lot of the companies are trying to do something for small businesses including Facebook and Shopify. This makes a lot of sense because a lot of small business people are not making enough money in their apps and suddenly they have got this windfall.”

Markets on Wednesday

Cramer said this is a market that wants tech to go down again. “This market wants the industrials and cyclicals to go up. It’s a market that’s trying to choose which of the retailers is stronger than not. It is not a market that says, listen you’ve got to go out and buy Broadcom  (AVGO) – Get Report, which is going to be OK…or you got to go buy a stock like [Norton Lifelock  (NLOK) – Get Report], which never seems to go up and is starting to piss people off, but I’m urging patience.” 

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