Cramer: 'At This Point,' SoundHound AI Rally 'Is A Short Squeeze'

On CNBC's “Mad Money Lightning Round,” Jim Cramer said he likes The Home Depot, Inc. (NYSE:HD) and recommended buying the stock.

On Nov. 12, Home Depot beat its third-quarter earnings estimates and lifted its full-year 2024 outlook. HD reported third-quarter sales growth of 6.6% year-over-year to $40.217 billion, beating the consensus estimate of $39.173 billion.

“You got to ring the register on some of that,” Cramer said when asked about SoundHound AI (NASDAQ:SOUN). “At this point, it is a short squeeze and a short squeeze only.”

On Dec. 23, HC Wainwright & Co. analyst Scott Buck maintained SoundHound AI with a Buy and raised the price target from $8 to $26.

Hafnia Limited (NYSE:HAFN) looks “so juicy. Those are stocks that you must avoid,” Cramer said.

On Nov. 27, Hafnia reported better-than-expected third-quarter financial results.

When asked about Cleveland-Cliffs Inc. (NYSE:CLF), he said, “The steel stocks are the worst stocks in the market. And I think that you could buy the stock, and if you're willing to take a point or two down, then I think it's ok. But you have to accept the fact that that's exactly what could occur.”

On Jan. 3, Cleveland-Cliffs named Jane M. Cronin to its Board of Directors, effective immediately.

Price Action:

• SoundHound shares gained 2.3% to settle at $20.62 on Friday.
• Hafnia shares fell 3% to close at $5.55 during the Friday session.
• Home Depot shares gained 0.2% to settle at $389.18.
• Cleveland-Cliffs shares fell 0.4% to settle at $9.50 on Friday.

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