Jim Cramer reacts to Costco's discounted Hermès Birkin sale in Chinese warehouses, calls it 'just crazy'.

Jim Cramer praises Costco's discounted Hermès Birkin bags and Chanel products in Chinese warehouses, calling it "just crazy". The bags are being sold for around $14,000, far below their typical market price. Costco topped Q1 expectations, reporting revenue of $67.31 billion and adjusted earnings of $4.50 per share. Mizuho upgraded Costco to Outperform from Neutral and raised its price target to $1,000 from $950. Defensive rotation puts Costco in spotlight as investors seek safety in consumer staples.