Stocks declined in intraday trading on Friday, January 22nd. The decline comes after the S&P 500 and Nasdaq closed a record on Thursday.
“People take note of IBM and Intel,” Jim Cramer said during his daily interview with TheStreet Live.
Cramer said negative news from IBM and Intel, Wall Street stalwarts, coupled with continued interest in SPACs, sent investors clumsy on Friday.
“What happens is that there is an override for the tastiest things,” Cramer said. “People want to stay away from what has been tried and go as speculative as possible.”
Jim Cramer Speaks Alphabet (GOOGL) – Get report, Intel, IBM, GameStop (GME) – Get report and more in the video below:
Intel (INTC) – Get report reported earnings of $ 1.52 per share on revenue of $ 20 billion. Analysts expect earnings of $ 1.10 per share on earnings of $ 17.5 billion.
“We significantly exceeded our expectations for the quarter and reached our fifth consecutive record year,” said Bob Swan, Intel’s CEO. ‘Demand for Intel’s computing performance remains strong and our focus on growth opportunities is bearing fruit.
But IBM (IBM) – Get report disappointed, with earnings of $ 2.07 per share on revenue of $ 20.4 billion. According to FactSet, the company would report earnings of $ 1.81 per share, with sales of $ 20.7 billion.
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Daniel Kuhn contributed reporting to this article.
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