Cramer says these two stocks — an automaker and a social media name — are buys

Published Tue, Jul 20 202111:56 AM EDTUpdated Tue, Jul 20 20216:18 PM EDT

Kevin Stankiewicz @in/kevin-stankiewicz-b5593466 @kevin_stank

CNBC's Jim Cramer said Tuesday he sees a couple stocks worth buying, as Wall Street rebounded after a sharp sell-off a day earlier on coronavirus concerns. All three major U.S. stock benchmarks were higher by more than 1% early Tuesday, led by the Dow Jones Industrial Average , which posted its worst day since last October, closing down 725 points, or over 2%. Ahead of Monday's session, when Dow futures were pointing to sharp drops, Cramer urged investors to be patient. As stocks bounced at Tuesday's open, before really starting to rally in late-morning trading, Cramer singled out two stocks on "Squawk on the Street" that he likes: Ford Motor and Snap . Ford "Ford should not be where it is. I'm saying, buy Ford," the "Mad Money" host said. While rising more than 3% on Tuesday, shares of the automaker were still down more than 15% from their 52-week high of $16.45 on June 4 — levels not seen since late 2014. Ford's intraday record high of more than $38 per share happened all the way in back early 1999. In June, Ford indicated adjusted pretax earnings for the second quarter will "surpass its expectations." The company is scheduled to release results after the bell on July 28 . Cramer said he's optimistic about the quarter, as well, pointing to comments about the chip shortage from Taiwan Semiconductor Manufacturing Co . The supply crunch has hurt Ford and the global auto industry for months , disrupting production schedules and contributing to fewer new vehicles being for sale. "This is going to be the quarter that I think you're going to be surprised to the upside," Cramer said. "Why? Because Taiwan Semi basically gave you the high sign that things aren't as tight." Cramer has been bullish on Ford as the legacy automaker moves aggressively into electric vehicles. On July 9, Cramer said he preferred that company's stock over both General Motors and Elon Musk's Tesla , which has been the U.S. leader in electric vehicles for years. Ford CEO Jim Farley takes the transition to EVs "very seriously," Cramer said. "He wants to bury Musk." Farley told CNBC back in February that Ford will not "cede the future to anyone." Snap While Snap reports quarterly results after the bell Thursday, Cramer thinks investors can buy shares ahead of the numbers. Analysts are forecasting more than 80% quarterly revenue growth on a year-over-year basis, Cramer noted, then referred to the stock trading around $59.60 on Tuesday. "You should buy that. That's a buy," he said. shortly before the stock traded even higher later Tuesday at more than $61. It ran up to an all-time high of $73.59 on Feb. 24. The "Mad Money" host complimented Snap co-founder and CEO Evan Spiegel, saying the social media firm's appeal with younger demographics continued to provide tail winds. Snap, the parent company of Snapchat, is similar in that regard to TikTok, the wildly popular social media app owned by the Chinese company ByteDance, Cramer said. ByteDance scrapped plans to go public , according to a Wall Street Journal report last week, following a recent meeting with Chinese government officials, who pressured the Beijing-based tech giant to focus on data security. "You can't get TikTok. You buy some Snap," Cramer said. Disclaimer

Jim Cramer

Scott Mlyn | CNBC

CNBC's Jim Cramer said Tuesday he sees a couple stocks worth buying, as Wall Street rebounded after a sharp sell-off a day earlier on coronavirus concerns.

All three major U.S. stock benchmarks were higher by more than 1% early Tuesday, led by the Dow Jones Industrial Average, which posted its worst day since last October, closing down 725 points, or over 2%.