The first quarter of corporate results is underway, and CNBC’s Jim Cramer believes the early reports from major banks all point to a spike in consumer spending. On “Mad Money,” he stated, “I believe we’re at an inflection moment where consumer spending can genuinely ramp up and rocket to a totally unanticipated positive level, especially with millions of parents receiving their child tax credit [checks] just this week.” JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo all outperformed analysts’ expectations. Bank of America reported higher-than-expected earnings, while revenue fell short of expectations. “We’re in fantastic financial health right now,” he added, “which means we’re going to spend a lot of money when we get out of our Covid foxholes.” “Adequately prepare your portfolio.” The following stocks were chosen by Cramer as his top bets to profit from a potential consumer spending boom: Delta is down 22% from its April highs. American Airlines is down 21% from its March highs. American Express is down 1% from last week’s high. Poshmark is down 27% from its June highs. Brunswick is down 17% from its May highs. Best Buy is down more than 14% from its May highs. Costco is down 1% from its Monday high. Williams-Sonoma is down 17% from its May highs. RH is down 7% from its April highs. Apple’s stock hit a new high on Wednesday. T-Mobile set a new high on Wednesday. Qualcomm is down 14% from its January highs. Broadcom is down 3% from its February highs. Skyworks Solutions is down 6% from its April highs. Broadcom and Costco are both owned by Cramer’s charitable trust. Disclaimer Do you have any questions for Cramer? Cramer may be reached at 1-800-743-CNBCW. Interested in learning more about Cramer’s world? Make contact with him! Money that’s out of control Jim Cramer on Twitter Twitter, Facebook, and Instagram are three of the most popular social media platforms. Do you have any questions, suggestions, or comments for the “Mad Money” website? madcap@cnbc.com/n
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