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Jim Cramer deciphers the speculative and blue chip shares that drive the market

CNBC's Jim Cramer differentiated between speculative and blue-chip stocks in a coronavirus pandemic market on Wednesday.

"The entire market is affected by the pandemic and the lines that are shifting it," said Mad Money's host. "Solid companies used to be on a dangerous foundation. Speculative outfits used to become titans of emerging industries."

After Tuesday's daily new Covid 19 cases exceeded 40,000 and more states restricted business, both the S&P 500 and the Nasdaq Composite rose less than 1% at Wednesday's session. The Dow Jones Industrial Average was the runaway, falling almost 78 points, or 0.30%, to 25,734.97 on the first day of trading in the third quarter.

"This is a terrible situation for our country, it's really bad for the economy as a whole, but unbelievable, it doesn't necessarily mean it's bad for the stock market," said Cramer. "Imagine the stock market like a casino for a moment … When Covid cases increase, people don't redeem their chips and go home, do they? No, they go where the action is. They go there where the hot tables are, the hot slots, the hot wheels. "

The populations were increased in part by new positive information about a coronavirus vaccine developed by Pfizer and BioNTech. The data showed that it was able to produce neutralizing antibodies even though the study had not yet been peer-reviewed. The Pfizer share gained 3% on the trading day.

Among the winners on Wednesday, Cramer pointed to FedEx shares, which fell 12% on the back of a strong quarterly report driven by shipping demand in the stay-at-home economy.

"If we can get a vaccine earlier than expected, it will be huge for much of the economy, although it is terrible for the smaller vaccine games, which is why they were gutted," said the host.

"FedEx and Pfizer are blue chips that have caused all sorts of high-flying stocks to become even more expensive, and for good reason," he added.

The FedEx waves could be seen by investors buying ecommerce games like Amazon, Shopify, Etsy, Adobe, Wix.com, Fastly, and Salesforce, Cramer said.

There are other "super speculative names" that Cramer said are "classic lottery stocks".

On this list are: workhorse that has risen 500% this year despite the commercial vehicle manufacturer "losing a fortune", NIO, a Chinese automaker that has risen almost 100% this year, Tortoise Acquisition on Wednesday has dropped 8%, VBI Vaccines and Vaxart, he said.

"There is a reasonable part of this market where high-quality stocks roar because they benefit from the economy that stays at home. Think of all these FedEx pin promotions," said Cramer. "Then there's the crazy part of the market that's fueled by rampant speculation, and that's a completely different … probably unfortunate story."

Disclosure: Cramer's non-profit foundation owns shares in Salesforce and Amazon.

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