Stocks were sliding in intraday trading on Friday, Jan. 22. The decline comes after the S&P 500 and Nasdaq set record closing highs on Thursday.
“People are taking a cue from IBM and Intel,” Jim Cramer said during his daily interview with TheStreet Live.
Cramer said negative news from IBM and Intel, Wall Street stalwarts, paired with ongoing interest in SPACs has investors turning bearish Friday.
“What’s happening is there is an over subscription for the diciest stuff,” Cramer said. “People want to stay away from what’s tried and true and go as speculative as possible.”
Jim Cramer talks 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 were expecting earnings of $1.10 per share on revenue of $17.5 billion.
“We significantly exceeded our expectations for the quarter, capping off our fifth consecutive record year,” said Bob Swan, Intel’s CEO. “Demand for the computing performance Intel delivers remains very strong and our focus on growth opportunities is paying off.
But IBM (IBM) – Get Report disappointed, reporting earnings of $2.07 a share on revenue of $20.4 billion. The company had been expected to report income of $1.81 a share, on sales of $20.7 billion, according to FactSet.
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Daniel Kuhn contributed reporting to this article.
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