Shares were falling in intraday trade on Friday, January 22. The drop comes after the S&P 500 and Nasdaq broke closing records on Thursday.
“People are following the cue from IBM and Intel,” said Jim Cramer during his daily interview for TheStreet Live.
Cramer said negative news from IBM and Intel, firm on Wall Street, coupled with continued interest in SPACs, caused investors to fall on Friday.
“What is happening is that there is an excess of signature for the most dangerous things,” said Cramer. “People want to stay away from what is tested and proven and go as speculative as possible.”
Jim Cramer talks about the 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 had expected earnings of $ 1.10 per share on revenue of $ 17.5 billion.
“We significantly exceeded our expectations for the quarter, closing our fifth consecutive record year,” said Bob Swan, Intel CEO. “The demand for the computing performance that Intel offers remains very strong and our focus on growth opportunities is paying off.
But IBM (IBM) – Get report disappointed, reporting earnings of $ 2.07 per share and revenue of $ 20.4 billion. The company was expected to post a profit of $ 1.81 per share on sales of $ 20.7 billion, according to FactSet.
Curious to see what Jim Cramer and his Action Alerts PLUS team are watching in the markets? Watch the Daily Rundown program exclusive to Cramer members at Action Alerts PLUS after TheStreet Live.
Daniel Kuhn contributed to the reporting of this article.
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