Facebook's rising stock price after a report that the social media giant is seeking music video licensing deals may signal a broader comeback for momentum companies, CNBC's Jim Cramer said Friday.
The report, which appeared in The New York Times on Thursday, said Facebook is talking with recording companies to add a limited number of videos, all of which would be selected by the labels.
"It's funny that this announcement, which I don't think is that needle-moving is getting it going. That's a sign that a lot of people feel that these higher multiple stocks are ready to come back," Cramer said on "Squawk on the Street."
Facebook's shares were up about 1.5 percent Friday morning.
DISCLOSURE: Cramer's trust owned Facebook stock when this article was published.