Thursday's session signaled that the market is"getting genuinely overexuberant" and the major averages could become wobbly if more IPOs become overvalued in the near future, CNBC's Jim Cramer said.
As more than 100 S&P 500 companies report next week, the host warned not to trade stocks off headlines that look positive or negative because it's a losing strategy. "I think they'll do fine and we're getting closer to that big breakup of the company: elevators ... climate controls, and then of course aerospace ... and that will unlock a ton of value," he said.The Coke maker"follow a picture-perfect accelerated growth quarter from PepsiCo, so they're in a tough position — too tough for me," Cramer said.
"I believe Centene will report a terrific number, but health care is hated right now," he said."If the stock can rally anyway, let's just say that's good news for this horrendous group."
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