Jim Cramer on Amazon: "I Think the Doubters Are Wrong"

Amazon.com, Inc. (NASDAQ:AMZN) is one of the stocks that received Jim Cramer’s latest comments. Cramer discussed AWS and the company’s retail business during the episode, as he commented:

“Now, every member of the Magnificent 7 did rally. Amazon moved up 2.5%. That was a report from JPMorgan that did it. That report said that its retail business, never been stronger… For years now, it seems like that Wall Street only cares about the Amazon Web Services, which is very important and I believe is doing quite well, although I keep hearing that isn’t growing fast enough. I think the doubters are wrong. It’s going just fine.”

Amazon.com, Inc. (NASDAQ:AMZN) sells consumer goods and digital content through online and physical stores, provides advertising and subscription services, operates Amazon Web Services for cloud computing, develops electronic devices, produces media content, and offers programs supporting third-party sellers and content creators. Cramer highlighted the stock during the November 18 episode and said:

“Or let’s say you wanted to buy Amazon, which is at the heart of the data center blast zone, and had been cautious in spending until the bond deal it just launched. To me, Amazon’s a company that doesn’t spend unless it needs to, unless it has demand. So I’m confident in this company. I trust [the] management. Amazon had a terrific quarter. Its stock shot up to $258 at the beginning of the month. Now, it’s way down back to $222. That’s, by the way, down $10 today.

They’re buying a high-quality company that just blew away the numbers, 36 points below its highs, because it raised money to build out something that it needs. In other words, I think this is a smart to, buy on weakness situation, not mindless dip buying. Again, though, you can’t buy all at once. You buy small and then you get bigger as it goes down… Stocks, by the way, do get cheaper if they’re good on the way down.”

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Disclosure: None. This article is originally published at Insider Monkey.