Shares fell in intraday trading on Friday, January 22nd. The decline comes after the S&P 500 and Nasdaq set closing records on Thursday.
“People are getting a clue from IBM and Intel,” Jim Cramer said during his daily interview with TheStreet Live.
Cramer said the negative news from IBM and Intel at Wall Street stalwarts, coupled with continued interest in SPACs, led investors to become descendants on Friday.
“What happens is that there is an excessive subscription for the most important things,” Cramer said. “People want to stay away from what is tried and true and go as speculative as possible.”
Jim Cramer talks about the 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 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 that quarter, reaching the fifth consecutive record year,” said Bob Swan, Intel CEO. “Intel’s demand for computing performance remains 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 revenue of $ 20.4 billion. The company was expected to report revenue 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 looking for in the markets? Watch the exclusive Cramer Daily Rundown show, exclusively for members, on Action Alerts PLUS after TheStreet Live.
Daniel Kuhn contributed to the reporting of this article.
Latest videos from TheStreet and Jim Cramer: