This is the transcript for the "Homestretch" for Monday:
>>> HI, ITS JIM CRAMER WITH THE
HOME STRETCH.
TODAY IS NOT A GOOD DAY.
IT'S NOT A GOOD DAY, I THINK,
BECAUSE OF PROFIT TAKING.
I THINK THERE'S AN ACCEPTANCE WE
HAVE GONE UP TOO FAR TOO FAST.
I DON'T BELIEVE THAT BY THE WAY,
BUT THAT'S THE COMMON THING, AND
IT'S A MOMENT WHERE PEOPLE WANT
LESS RISK AND IT'S CERTAINLY
REASONABLE GIVEN WHAT IS AHEAD.
>> MARKETS HAD A NICE RUN TO
START THE YEAR.
WE ARE SEEING UPWARD MOVEMENT IN
SOME COMMODITIES AS WELL, AND
COPPER IS ONE EXAMPLE.
PERHAPS PEOPLE ARE TRYING TO
POSITION AHEAD OF THE FED
MEETING ON WEDNESDAY WHERE THEY
THINK POWELL WILL BE A LITTLE
MORE HAWKISH THAN EXPECTED AND
THEY ARE TRYING TO PROTECT
AGAINST THE DOWNSIDE.
THAT'S LEADING TO A LOT OF THE
DEFENSIVE SECTORS WORKING TODAY,
ESPECIALLY ONES THAT HAVE NOT
WORKED ALL YEAR, STAPLES,
UTILITIES, AND FINANCIALS ARE
HOLDING IN WEALTH, TOO, AND
ENERGY IS TO THE DOWNSIDE AND
TECH, AND --
>> NO SURPRISE WITH ENERGY.
YOU SHOULD MENTION, HALIBURTON
IS DOING WELL.
>> YEAH, IT'S THE ONLY ENERGY
STOCK IN THE S&P 500 THAT IS IN
THE GREEN TODAY.
THE REST OF THE GROUP IS DOWN
BECAUSE ENERGY IS DOWN, THE
PRICE OF OIL IS DOWN.
>> LET'S LOOK AT THAT FOR A
SECOND.
OBVIOUSLY PEOPLE ARE SAYING THAT
TRYING TO REOPENING, THAT SHOULD
MAKE A DIFFERENCE.
IT'S 50 DEGREES IN NEW YORK, AND
IT WILL BE 50 DEGREES AGAIN
TOMORROW.
PEOPLE ARE FEELING LIKE, WAIT A
SECOND, MAYBE THE SEASON IS
OVER, AND THERE'S NO SNOW.
WE ARE IN THE FINANCIAL
BUSINESS, SO JUST UNDERSTAND
THAT IT'S THE WARMTH.
DON'T FOOL YOURSELF.
IT'S JUST THE WARMTH AND THAT'S
WHAT IT'S GOING ON.
HERE ARE SOME THINGS THAT ARE
REALLY, REALLY INTERESTING.
I WANT TO MENTION NVIDIA FOR A
SECOND.
WE HAVE BEEN DOING THE CHAT.
>> CHATGPT, YEAH.
>> AND NVIDIA MAKES A LITTLE
EACH TIME.
WHAT MATTERS, THOUGH, IS WE
STILL HAVE TO DEAL WITH THE HIGH
PERFORMANCE COMPUTING PROBLEM,
AND YOU ARE GOING TO SEE REAL
PROFITING.
I HAVE HIGHER HOPES FOR NVIDIA
THAN AMD, IN PART BECAUSE AS I
MENTIONED EARLIER, IF YOU ASK ME
WHAT I AM MOST CONCERNED ABOUT
IS AMD AND NVIDIA WHEN IT COMES
TO A SIZEABLE SECTION OF OUR
HOLDINGS, AND QUALCOMM WE KICK
AROUND EVERY DAY.
>> RIGHT.
THERE WAS THAT NOTE TODAY WHERE
THEY SAID THAT BASICALLY INTEL,
BECAUSE THEY HAD SUCH EXCESS
INVENTORY, ALL THESE OEMs, THE
PC MAKERS ARE SITTING ON PILES
OF INTEL PPC, AND THAT COULD
CAUSE THE PPC CORRECTION TO
LINGER, AND WE WILL NEED TO SEE
MORE FOR SURE.
>> THE KEY THING WHEN IT COMES
TO ALL OF THESE IS ARE PEOPLE
CUTTING BACK.
I CANNOT CONFIRM IF SAMSUNG IS
CUTTING BACK, AND IT'S THE PRICE
DISRUPTER ON EVERYTHING.
THERE WOULD BE A BELIEF THAT
SAMSUNG IS NOT GOING TO KEEP
FLOODING THINGS.
PC'S ARE DOWN 20%, AND THAT'S A
BIG PROBLEM.
WE ARE NOT GOING TO SEE ANYTHING
FROM HP UNTIL FEBRUARY.
BE AWARE I AM CONCERNED ABOUT
AMD AND NVIDIA.
LET'S JUST GO OVER THE TOP FIVE,
AND IT'S REALLY GOOD TO SEE UMAN
STARTING TO DO BETTER?
>> YEAH, OTHER NAMES WORKING
TODAY ALSO HAVE SPECIFIC
CORPORATE -- SOME ACTIVIST OR
WHAT HAVE YOU AROUND IT.
LIKE SALESFORCE, THEY HAD THE
REFRESH BOARD, AND WE KNOW THERE
ARE SEVERAL ACTIVISTS INVOLVED
IN THE STOCK.
AT THE SAME TIME, AMAZON, THEY
HAVE ALMOST TURNED INTO ACTIVIST
SO TO SPEAK WITH NATIONAL
INSTRUMENTS, AND THE STOCK
PLUNGED ABOUT 10% OVER THE
COURSE OF A FEW DAYS WHEN THEY
WERE TALKING ABOUT THE TAKEOVER,
AND NOW THEY ARE ENGAGING IN A
MORE FRIENDLY CONVERSATION.
>> YOU KNOW I THINK THEY THOUGHT
THEMSELVES IN THE FOOT WHEN THEY
WENT HOSTILE.
>> LOOK, I REPRESENT A CLUB OF
PEOPLE THAT OWN THIS STOCK, AND
THEY SAID WHO ARE YOU TO SAY
WHAT YOU WANT?
I SAID, I AM A SHAREHOLDER, AND
THE PEOPLE THAT ARE IMPORTANT
WILL LEAVE WHILE YOU ARE CLOSING
THE DEAL.
THEY ASKED HOW I KNOW THAT, AND
I SAID, I HAVE BEEN AROUND A
LONG TIME.
I AM NOT TRYING TO BE A JACKASS.
>> YEAH, THIS IS A DISTRACTION
YOU DON'T WANT.
IT WENT FROM 97 ON THE NEWS TO
AROUND 88, AND THE STOCK IS
AROUND 90 TODAY, UP ON A PRETTY
DOWN DAY.
>> I LIKE THAT.
WELLS FARGO, I AM TELLING YOU,
WE WILL BE RIGHT.
IT WAS FIVE YEARS AGO, FIVE
YEARS AGO NEXT WEEK THAT IT GOT
HAMMERED.
THERE'S ALWAYS THE POSSIBILITY
THAT ALL OF THE CONSENT PROBLEMS
ARE COVERED AND DONE AND THEY
CAN START BUYING BACK STOCK
AGGRESSIVELY.
>> YOU HAVE TO WONDER IF CHARLIE
IS IN THERE NOW.
>> LET'S GO TO THE DOWN SIDE.
AS TO J&J, J&J LOSES AT THE
THIRD CIRCUIT, OKAY.
IT'S THE COURT OF APPEALS.
YOU CAN PUT YOUR LEGAL HAT ON
HERE.
THEY ARE RIGHT NOW COMBATING --
THEY ARE DOING EVERY SINGLE
CASE, OKAY, TRYING TO EXHAUST
THE PLAINTIFFS, AND AT THE SAME
TIME THEY HAVE A SECOND TRACK
WHICH IS TO HOPE THE SUPREME
COURT PICKS THIS CASE UP,
BECAUSE THAT'S WHAT WOULD HAVE
TO HAPPEN, AND FINALLY MAKES LAW
THAT SAYS WE ARE GOING TO END
THE CHARADE OF BANKRUPTING
COMPANIES AND HAVE A BANKRUPTCY
WAY TO DEAL WITH THINGS AND WE
ARE GOING TO USE THE J&J WAY.
J&J, I THINK, BELIEVES THE
SUPREME COURT IS CONSERVATIVE
ENOUGH TO ACTUALLY SIDE WITH
THEM.
J&J HAS NOT RETURNED MY CALL.
THAT HAD BEEN MY PREVIOUS
UNDERSTANDING ABOUT WHAT I
WANTED TO DO.
I SAID TO JEFF, LOOK, I THINK WE
OUGHT TO BUY, BUT THEN I PULLED
BACK BECAUSE I COULDN'T BUY
WITHOUT FINDING OUT IF THE
COMPANY WANTS TO CHANGE -- THE
STATEMENT THEY PUT OUT IS VERY
VAGUE.
>> THEY SAID THEY FULLY PLEDGED
TO BACKSTOP THE FUNDING OF THE
SUBSIDIARY THEY FUNDED.
THEY ARE TRYING TO SPEED UP THE
PROCESS AND MAKE IT MORE
EFFICIENT, BECAUSE TAKING EVERY
CASE TO COURT IS A LENGTHY
PROCESS, AND WE WANT THEIR EYES
ON THE BALL AND NOT GET INVOLVED
IN THE LEGAL PROCEEDINGS.
>> YOU WANT TO KNOW HOW STUPID
THIS IS?
THEY WILL HAVE A MASTER, A
MASTER DOCKET THAT HANDLES A LOT
OF CASES, AND IT DOESN'T WORK
LIKE THAT.
THE SYSTEM IS VERY -- IT'S A
FEDERATION OF STATES.
WE HAVE TO GET IT SO THE SUPREME
COURT HEARS THAT.
>> WHEN J&J FELL BELOW THE COST
BASIS, THAT'S WHEN WE WOULD MAKE
OUR MOVE AND WE SAID THAT FROM
175 DOWN TO 170, 168, NOT
ENOUGH, NOT ENOUGH.
162, I STILL THINK THAT QUARTER
THEY REPORTED LAST WEEK, THEIR
EARNINGS FOR '23 WAS ABOVE
CONSENSUS.
THEY DID NOT GET CREDIT FOR
THAT.
>> THE COMPANY, YOU CAN'T JUST
BUY THAT WITHOUT CHECKING.
I HOPE JAKE CALLS ME BACK
>> YEAH, THEY WERE FULLY BOOKED
FOR THE HOLIDAY.
I DON'T SEE ANYTHING MORE HERE
THAN PROFIT TAKING.
>> AFTER THE CLOSE, IT'S
PRINCIPALLY AUTO, AND THERE'S A
GOOD TEMPERATURE ON HOUSING.
BEFORE THE BELL TOMORROW IS
CATERPILLAR.
>> YEAH, LOOK FOR WEAKNESS
BUYING.
WHEN YOU LOOK OUT A YEAR FROM
NOW OR TWO YEARS FROM NOW,
CONSIDERING ALL THE SPENDING
MADE ON THE INFRASTRUCTURE SIDE,
IT'S A MULTI TAIL YEAR FOR THEM.
>> UPS, I THINK, IS GOING TO
MENTION LABOR ISSUES.
>> THAT'S AN INTERESTING ONE.
YEAH.
>> IT WILL HURT, AND GM -- FORD
IS TELLING ME TO STOP WORRYING
ABOUT THE PRICE CUTS, WE WILL
STILL MAKE MONEY ON THE MACH E.
UNDERSTAND I AM GOING TO FLORIDA
FOR A COLLEGE TOUR, THE
UNIVERSITY OF MIAMI, LEAVING
HERE ON WEDNESDAY NIGHT.
I WILL BE IN MIAMI ON THURSDAY
DOING A SHOW ON THURSDAY, AND
JEFF WILL BE HOLDING DOWN THE
FORT ON SOME OF THIS.
>> THE GOOD THING IS THERE WILL
BE NO SHORTAGE OF NEWS, BECAUSE
THERE WILL BE TONS OF COMPANIES
REPORTING, SO THERE WILL BE
PLENTY TO TALK ABOUT.
>> AGAIN, I JUST WANT TO SAY IF
YOU DON'T HEAR ME ON "THE HOME
STRETCH," IT'S BECAUSE I AM IN
FLIGHT OR TEACHING CLASS EVEN.
>> A LOT OF FUN STUFF.
>> THANK YOU VERY MUCH.
BYE-BYE.
Blame Monday's decline on the market going up too much, too fast — listen to the 'Homestretch' - CNBC
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