Shares fell during intraday trading on Friday, January 22. The drop comes after the S&P 500 and Nasdaq hit record highs on Thursday.
“People are following a signal from IBM and Intel,” said Jim Cramer during his daily interview with TheStreet Live.
Cramer said negative news from IBM and Intel, Wall Street stalwarts, coupled with continued interest in SPACs, is causing investors to turn bearish on Friday.
“What’s happening is there is an over-subscription for the most troublesome things,” Cramer said. “People want to stay away from what is tried and true and go as speculative as possible.”
Jim Cramer talks about Alphabet (GOOGL) – Request report, Intel, IBM, GameStop (GME) – Request report and more in the video below:
Intel (INTC) – Request report reported earnings of $ 1.52 per share on revenues of $ 20 billion. Analysts expected earnings of $ 1.10 a share on revenues of $ 17.5 billion.
“We significantly exceeded our expectations for the quarter, ending our fifth consecutive record year,” said Bob Swan, Intel CEO. “Demand for computing performance from Intel remains very high and our focus on growth opportunities is paying off.
But IBM (IBM) – Request report disappointed and reported earnings of $ 2.07 per share on sales of $ 20.4 billion. According to FactSet, the company is expected to report income of $ 1.81 per share on sales of $ 20.7 billion.
Curious about what Jim Cramer and his team at Action Alerts PLUS are looking at in the markets? Watch Cramer’s exclusive Daily Rundown show on Action Alerts PLUS after TheStreet Live.
Daniel Kuhn contributed reporting to this article.
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