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The shares slipped in intraday trading on Friday January 22. The drop comes after the S&P 500 and Nasdaq set closing records on Thursday.
“People take inspiration from IBM and Intel,” Jim Cramer said in his daily interview with TheStreet Live.
Cramer said negative news from IBM and Intel, the mainstays of Wall Street, coupled with continued interest in PSPCs, pushed investors lower on Friday.
“What’s going on is there’s an oversubscription for the more difficult things,” Cramer said. “People want to stay away from what has been proven and go as speculatively as possible.”
Jim Cramer talks about Alphabet (GOOGL) – Get the report, Intel, IBM, GameStop (GME) – Get the report and more in the video below:
Intel (INTC) – Get the report reported earnings of $ 1.52 per share on sales of $ 20 billion. Analysts expected earnings of $ 1.10 per share on revenue of $ 17.5 billion.
“We significantly exceeded our expectations for the quarter, ending our fifth consecutive record year,” said Bob Swan, CEO of Intel. “The demand for the computing performance provided by Intel remains very strong and our focus on growth opportunities is paying off.
But IBM (IBM) – Get the report disappointed, reporting earnings of $ 2.07 per share on sales of $ 20.4 billion. The company was expected to report income of $ 1.81 per share, on sales of $ 20.7 billion, according to FactSet.
Curious about what Jim Cramer and his Action Alerts PLUS team are watching in the markets? Watch Cramer’s exclusive Daily Rundown on Action Alerts PLUS after TheStreet Live.
Daniel Kuhn contributed to the writing of this article.
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