Jim Cramer Buys Intel, Honeywell as Nasdaq Drops 1.5% on Samsung AI Spending Fears
Updated
Updated · CNBC · Jul 7
Jim Cramer Buys Intel, Honeywell as Nasdaq Drops 1.5% on Samsung AI Spending Fears
2 articles · Updated · CNBC · Jul 7
Summary
Intel and Honeywell Aerospace were added to Jim Cramer’s portfolio as he responded to a sharp rotation out of technology and momentum stocks.
Samsung’s weak preliminary second-quarter earnings fueled worries about AI infrastructure spending and demand, dragging chip names like AMD, Broadcom and Micron and pushing the Nasdaq down 1.5%.
Healthcare and financials drew the inflows instead, with Johnson & Johnson rising 3.6% and Eli Lilly gaining 3% after JPMorgan lifted its price target to $1,400 from $1,300.
Wells Fargo is up 6.6% over the past month ahead of earnings next Tuesday, while Cramer said Capital One should benefit more from its Discover deal despite remaining down 15% year to date.