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Jim Cramer says Temu parent plunge is why he doesn't like China stocks

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Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio.

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. PDD Holdings : Shares of the Chinese online retailer plunged nearly 30% on Monday. PDD reported a revenue miss. PDD is the parent company of Temu, which has blitzed U.S. social media with ads to broaden its shopper base. "China tech stocks, I have such a problem with them," Jim Cramer said on Monday. He pointed out that the spillover from PDD to Alibaba, down 5.5%, is not right.

Kroger , Albertsons : The proposed merger between the two supermarket companies is heading to federal court on Monday. Kroger and Albertsons say they need to merge to compete with the likes of Costco , which is a holding in the CNBC Investing Club portfolio. Regulators who oppose the deal say it would reduce competition. "The FTC is going to fight tooth and nail," Cramer said, because the agency has a tough history of blessing deals like this in the past.

 

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