Jim Cramer says Intel is still a stock to avoid — plus, his takes on 4 more names
Jim Cramer’s daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Southwest Airlines : Shares rose more than 2% as investors digested news that Elliott Management has upped its stake in the airline and that Evercore ISI upgraded the stock to a buy-equivalent rating. “I don’t know what Elliott has to say with Southwest other than, ‘Would you please resign?’ I think they want a wholesale change, and they’re not happy with anything other than that,” Jim Cramer said. Boeing : Shares dropped more than 8%. Analysts at Wells Fargo downgraded the troubled plane maker to a sell-equivalent rating. “I’m working on an analysis of Boeing, and I continue to believe they should just get the darned equity offering over with. You have to accept dilution given how poorly the company has been run,” Cramer said, suggesting that new CEO Kelly Ortberg could easily justify the decision to raise cash as a short-term hit to implement a long-term fix. Intel : Shares slid about 7% Tuesday in their first session since jumping 9.5% on reports that the chipmaker was exploring strategic options. “They need to raise cash, too, and I don’t know how they’re going to do it,” Cramer said. “They’re not a company I want to sit there and own the stock.” The CNBC Investing Club owns shares of fellow chipmakers Nvidia , Broadcom and Advanced Micro Devices . Simon Property : Piper Sandler downgraded the mall owner to neutral from overweight. “They claim slowing growth. I don’t see that whatsoever,” Cramer said. Unity Software : Shares jumped nearly 8% after Morgan Stanley upgraded the video game software maker to a buy rating. “Unity is a company that people expect will be taken over. I think it’s entirely possible given it’s so inexpensive versus where it was. But they do have a new CEO. They just finished a restructuring, so I think it is attractive to someone but I don’t think [it is] to the stock market.”
