Stock Market Today With Jim Cramer: Microsoft Buyback Shows It Has Lots of Cash
U.S. stocks are higher late Wednesday. Energy shares are up. Jim Cramer and Jeff Marks discuss the Chinese crackdown on casino stocks and Microsoft's $60 billion buyback.
Wynn Resorts and Las Vegas Sands report shares fell sharply Wednesday on worries of potential intervention by Macau's government on issuing gambling licenses next year. Cramer says the casino stock selloff is overdone. He believes Chinese regulators have always favored the growth of Macao.
Microsoft Corporation (MSFT) and Wynn are among top gainers on the Dow Jones Industrials index Wednesday. The board raised the quarterly dividend and approved a new stock buyback. Microsoft will pay 62 cents a share from its fourth-quarter earnings.
