CNBC’s Jim Cramer cheered Tuesday’s market action, as shares of old-economy stalwarts like General Motors , GE Aerospace and Coca-Cola climbed on earnings and speculative stocks hit a wall of selling. “I love this market,” Cramer said on “Squawk on the Street,” shortly before Tuesday’s opening bell. For weeks, the former hedge fund manager who currently runs the CNBC Investing Club has expressed alarm over what he believes is excess speculation in the stocks of money-losing companies. He’s urged investors sitting on big wins in companies in industries like nuclear power and quantum computing to lock in profits. He hasn’t soured on the broader market, just on the stocks he’s deemed overheated and speculative. That’s what makes Tuesday’s market so idyllic in Cramer’s eyes. GM shares soared around 14% after the automaker reported sharply better-than-expected earnings and lowered its expected full-year tariff impact; the stock had been trending lower into earnings. Meanwhile, GE Aerospace, which has been a strong-performing stock this year, added 1% after the engine maker saw order growth and strength in its services business. Coca-Cola’s organic revenue growth during the quarter checked in at 6%, and shares were up more than 3%. Cramer was also impressed with earnings from RTX , the parent of Collins Aerospace, and industrial conglomerate 3M . Shares of RTX jumped 9%, while 3M added over 4%. “We’re seeing blowout numbers” from these iconic American companies with roots that stretch back decades, Cramer said. “It’s kind of Nixonian.” On the other hand, Cramer argued there is a “total collapse in all that stuff that doesn’t have any earnings that has just been in Sherwood Forest,” the English woodland that serves as the setting of the “Robin Hood” fairytale. For Cramer, the brokerage app Robinhood has become synonymous with retail traders and speculation. “This is what I’ve wanted. I’ve wanted the Oklos of the world down,” Cramer said. Shares of nuclear startup Oklo fell 7% on Tuesday morning, on pace for its second straight down day. Still, the stock is up around 600% for the year. Fellow nuclear play NuScale Power , which has more than doubled this year, lost over 8% in early trading Tuesday. Futures for gold and silver , which have been red-hot trades of late, also pulled back Tuesday. “They all traded together. That’s what we’ve found out. Gold was the leader in this thing,” Cramer said.
