Jim Cramer Advises WallStreetBets To Stay Focused On AMC, GameStop. 'Too Much Money Being Lost On Your Other Names'

CNBC host Jim Cramer has advised Reddit’s r/WallStreetBets forum to remain focused on movie theatre chain AMC Entertainment Holdings Inc. AMC and videogame retailer GameStop Corp. GME.

What Happened: Cramer took to Twitter on Wednesday to advise the Reddit investors to “keep their firepower” for these two companies, as “too much money” was being lost on other stonks — stocks that are favored by retail investors.

WSB, keep your fire power for $AMC and $GME. There is too much money being lost on your other names. You might not be able to keep buying AMC or GME up here if you keep this up. Just sayin.

— Jim Cramer (@jimcramer) June 16, 2021

 On CNBC’s “Mad Money” show, Cramer said he believes investors do not need to make major changes to their strategy after Federal Reserve Chairman Jerome Powell’s news conference earlier in the day.

The Federal Reserve, on Wednesday, maintained its target fed funds rate range of between zero and 0.25% and indicated a rate hike in 2023. U.S. stocks closed lower on Wednesday after the Fed’s latest monetary policy decision.

“I think you should simply stay the course, maybe using this decline to buy some high-quality stocks, especially industrials, right into the teeth of a downturn,” Cramer said.

See Also: AMC, GameStop Are In Buy Range Right Now, Says Cramer

Why It Matters: WallStreetBets is best-known for short squeezes in stocks like GameStop and AMC Entertainment. Shares of the two companies have surged amid the retail trading frenzy.

AMC Entertainment’s year-to-date returns stand at 2,502.83%, while GameStop’s stock has returned year-to-date gains of 1,083.49%.

However, a fresh crop of stocks is also seeing increased interest from retail investors as they pile into these stocks and attempt a new short squeeze.

Price Action: AMC Entertainment shares closed 6.5% lower in Wednesday’s regular trading session at $55.18, but edged up less than 0.1% in the after-hours session to $55.19.

GameStop shares closed 0.2% higher in the regular trading session at $222.97 and further rose less than 0.1% in the after-hours session to $223.10.

Read Next: Is Arrival Becoming A Short Squeeze Target? WallStreetBets Post Sends Shares Soaring

Photo by Tojosan on Flickr.