Shares fell in intraday trading on Friday, January 22nd. The decline comes after the S&P 500 and Nasdaq set record highs on Thursday.
“People are taking the lead in IBM and Intel,” Jim Cramer said during his daily interview with TheStreet Live.
Cramer said the negative news from IBM and Intel, which are the drivers of Wall Street, combined with the ongoing interest in SPACs, make investors go bearish on Friday.
“What’s happening is that there’s an over-subscription for the more informative stuff,” Cramer said. “People want to stay away from what’s proven and true 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 following video:
Intel (INTC) – Get the report reported earnings of $ 1.52 per share on revenue of $ 20 billion. Analysts had expected earnings of $ 1.10 per share on revenue of $ 17.5 billion.
“We significantly exceeded our expectations for the quarter, surpassing our fifth consecutive record year,” said Bob Swan, CEO of Intel. “The demand for computer performance offered by Intel remains very strong and our focus on growth opportunities is bearing fruit.
But IBM (IBM) – Get the report disappointed, reporting earnings of $ 2.07 per share on revenue of $ 20.4 billion. The company was expected to report revenue of $ 1.81 per share, with sales of $ 20.7 billion, according to FactSet.
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Daniel Kuhn contributed reporting this article.
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