Video: Jim Cramer on China, Cryptocurrency, Costco, Nike, Debt Ceiling, Semis Bank & Insurance By Jacky On Sep 24, 2021 Share Shares were mixed in intraday trading following Thursday’s market rally with all three major indices closing more than 1% higher. The Dow Jones Industrial Average rose 60.59 points, the Nasdaq Composite fell 77.98 points and the S&P 500 rose 3.56 points as of 10:00 a.m. ET. Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed China’s crackdown on cryptocurrency, ongoing debt ceiling talks, Nike (BY) – Buy NIKE, Inc. (NKE) Report, Costco (COST) – Get the Costco Wholesale Corporation Report, the shortage of semiconductors and much more. Watch the full interview with TheStreet in the video below: China cracks cryptocurrency After weeks of crackdowns on various industries, China has turned its attention to the cryptocurrency market. The People’s Bank of China on Friday issued a blanket ban on all cryptocurrency trading, declaring all forms of digital transactions and financing as “illegal activities that are strictly prohibited”. In a statement posted on the PBOC’s website, the central bank said the government will act “resolutely against virtual currency speculation and related financial activities and misconduct to protect people’s property and maintain economic, financial and social order.” Overseas exchanges were also banned from using the internet to provide services to mainland investors in China. In a joint statement obtained by Reuters, 10 Chinese government agencies, including banking, securities and currency regulators, as well as the central bank, said they will work together and “high pressure” to crack down on speculative cryptocurrency trading. However, there was no mention of the legality or illegality of owning cryptocurrency assets. Nike warns supply chain issues could affect your next pair of kicks Nike reported stronger-than-expected sales figures after the close of trading on Thursday, but warned that supply chain disruptions could have more of an impact than previously expected. The shoemaker reported adjusted earnings of $1.16 per share, which is ahead of consensus expectations of $1.11. However, revenue of $12.2 billion came in just short of the expected $12.465 billion. Nike warned that longer transit times, labor shortages and lengthy production shutdowns in Vietnam could impact sales ahead of the holiday season, lowering its fiscal 2022 sales forecast. Costco sees big growth as major toilet paper shortage returns Costco reported adjusted earnings of $3.76 per share on revenue of $61.44 billion, up 17.5% year over year and exceeding analyst estimates. Comparable store sales for the quarter were up 9.4% companywide, with a 10.3% increase in the US and a 6.7% increase in Canada. The bad news? Even Costco is not immune to the recent supply chain shortages. Retailers warned it will restrict purchases of some items, including toilet paper, paper towels and bottled water, amid a “resurgence in Delta-related demand,” citing delays of two to three weeks in some deliveries. Costco holds on Jim Cramer’s Action Alerts PLUS Charity Portfolio. Cramer has a cure for the semiconductor shortage The global semiconductor shortage remains sharp after a White House meeting with top tech and automaker CEOs. Consulting firm AlixPartners said on Thursday that the ongoing shortage will cost the auto industry worldwide $210 billion in lost revenue this year. Cramer called tackling the chip shortage “insanity” on real money and had a simple suggestion for the Biden administration: Start treating semiconductors as a matter of national defense. “Why is this a civil matter? Why is it not a defense matter? Why can’t President Biden acknowledge that this $52 billion locked up in the House can only get where it’s needed if the Defense Department speaks up and says that if the People’s Republic China decides to take over or squeeze Taiwan, we may fall behind in their expansion,” Cramer wrote. Commerce Minister Gina Raimondo said: Bloomberg On Thursday, the introduction of the Defense Production Act remains on the table as the ministry continues to seek information on corporate supply chains. Hear what Jim Cramer only tells his members Action Alerts PLUS investment club in Daily overview of Friday. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function() {n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)} ;if(!f._fbq)f._fbq=n; n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); (function(){ fbq('init', '135067773744716'); fbq('track', 'PageView'); var contentId = 'ci028e060750002755'; if (contentId !== ") { fbq('track', 'ViewContent', {content_ids: [contentId], content_type: 'product'}); } })(); . window._taboola = window._taboola || []; _taboola.push({mode:'thumbnails-a', container:'taboola-below-article', placement:'below-article', target_type: 'mix'}); Share