저자: JimCramer · 외국인
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기술주 모멘텀이 세일즈포스 이후 꺾였고 소프트웨어 기업들의 부진이 이어짐. 하드웨어·데이터센터(Dell, HPE)와 AI 연계 기업은 상대적으로 낫다고 봄. Fed는 실업률 4%(고용 악화) 전까지 금리 인하하지 않을 것이라며 7월까지 관망 가능성을 언급. 다른 발언으로 Pfizer 보유 권유, ServiceNow 예외 평가 등.
다듬은 글
put days like today in a context cuz they're crazy. Call me. 1-800-743-CVC. Tweet me at Jim Cramer. Maybe it is just time for others to shine. That's how I feel about the new break in tech momentum. The break that started with Salesforce 2 days ago, then accelerated yesterday with disappointing reports from several software companies and Dell, the gigantic hardware supplier and integrator.
Yeah, the tech-laden Nasdaq spent most of the day getting slammed before finishing down just .01% thanks to a crazy town uh late afternoon run that we're all trying to figure out get our heads around. But the Dow soared 574 points. The S&P gained .8% not bad, huh? Both again aided by some wacky end-of-the-month buy program that was invisible to all but those who jammed it through.
The jarring nature of the tech sell-off took people by surprise, sent them scurrying for our field. Including the stocks of companies that seemed to have done nothing and then at the end of the day with the buy program finished up huge startingly at surprising levels. Didn't seem right to me, but that's what happens.
I think there will be soon seller's remorse for tech. Yeah, a lot of the tech selling seems overdone. Now take a look at Salesforce. That lost more than 50 points yesterday. It was able to bounce 16 points today. Dell, which had run up tremendously for weeks now, got blasted for delivering an in inline quarter.
Well, guess what? It wouldn't surprise me if it can't recover and maybe recover fast. But hardware companies like Dell, which are connected directly to Nvidia and its AI efforts, may have more room to run versus the enterprise software plays that have had gigantic multi-year moves often with little connection to AI.
We don't think less of artificial intelligence regime if MongoDB, which is a database company, reports slowing and sees its stock plunge nearly 24% in a day. By the way, I like engineering software and I like engineering period more than I like enterprise software, which is just a wasteland right now.
With that in mind though, let's see what's on tap. Ha ha ha, maybe it's the maybe it's the a bid from Suntory for Samuel Adams. What's on tap? No, we're going to our game plan right now. Our game plan could reveal the direction of enterprise software as soon as Monday when GitLab reports after close.
GitLab's a key player in another form of enterprise software, the incredibly hot DevSecOps or development security and operations software space. Key teams that help build software applications. Now there are literally dozens of these companies and they've been rallying like crazy ever since the Fed stopped tightening last fall.
GitLab reported a disappointing quarter last time and it seemed well, kind of one-off. Now I wonder if it wasn't a precursor to what we've seen in software this week where company after company keeps saying customers are skittish and sealed deals are awfully hard to come by. Measured. We'll soon find out.
Now I have been a gigantic believer in the rebuilding of corporate America, especially in the construction of data centers, which is a big reason why I happen to like the stock of Ferguson. That's a company that supplies plumbing and heating, ventilation, and air conditioning equipment. We had them on not that long ago.
I think it was a terrific way to invest in the infrastructure buildout. After close, boy talk about terrific investment, we got CrowdStrike. Now this is the lone cybersecurity company that hasn't missed its quarterly projections aside from Zscaler, which we're going to hear from later. CrowdStrike CEO George Kurtz is money.
I bet you he does a great job. Hewlett Packard Enterprise reports too. We want to hear if this competitor to Dell, which remember was down really big today, is seeing any slowing or price cutting. You know, the weakness in all things data center today was painful, directly stemmed from Dell. Maybe HPE can instill some confidence again and that's where that buyer's remorse seller's remorse will come from.
You'll want to be buying the tech stocks again in the data center if these guys have a good number. And then we have PVH, the apparel company behind Calvin Klein and Tommy Hilfiger, saw its stock collapse last earning season. When it comes to apparel, you know I like Ralph Lauren, much more consistent time on our brand, especially ahead of the Olympics.
Next, everyone's always talking about the changing habits of the working class consumer. We know the times have gotten tougher with higher interest rates and inflation still running. Well, you think Dollar Tree would be crushing this environment, wouldn't you? But it hasn't been. Instead it's a victim of higher prices and suboptimal management.
I keep thinking Dollar Tree will turn, but somehow the value proposition seems to be waning. When I go to my Dollar Tree candy aisle this weekend, I'm going to give you a full report on Monday about what it was like. Now Campbell Soup Yes, CPB, has been holding up well rather of late and I wonder whether it's seeing some deflationary what's giving our side surprise.
I think CEO Mark Clouse has made the best of what just kind of an okay situation. I believe in him, I believe in the company, I think it's on a solid footing. All right, what killed whiskey and bourbon? Was it the cannabis? Was it the GLP weight loss drugs? Was it those doctors who keep telling you you can't be a heavy drinker anymore?
All right, whatever it is, let's hope this this time around Brown-Forman, the maker of Jack Daniel's and all those other ones like the Tennessee Honey Jack Daniel's, you know all that stuff and what is with the Fireball? That's not the What is with the Fireball? I mean ENOUGH WITH THE FIREBALL. I MEAN IT'S LIKE CAPTAIN CRUNCH.
All right, anyway, I can't recommend the stocks we figure out what the heck is going on with liquor that people have stopped drinking the browns and the clears, which is vodka and gin and whiskey and bourbon. Oh, and then again of course we want to find out whether Suntory has decided that it's time for Brown-Forman to finally stop going down.
Speaking of stocks that won't stop going down, how about Lululemon? Yes, Lululemon reports after the close and this stock, which had once been a superstar for ages, now feels feels like it's wearing cement galoshes while swimming in the East River. Now we know there's some turmoil in other companies that have crowded the athleisure space, but what matters is whether all the bad news we keep hearing is already baked into the Lulu stock.
Hey, don't forget by the way, you know that that uh Friday's thing where you don't work, that's over. People coming to work, they don't come to work at Lulu. All right, they don't. And if you do, you want to rethink your pow. When we've seen these stocks and they seem to not know how to bottom, they often make a stand when they report, but trying to bet on that is a harrowing experience.
I'm not going to recommend unless you got nerves of steel, tungsten. While we're on the subject of stocks that don't seem to know how to bottom, I am shocked. I am shocked shocked shocked at J.M. Smucker. It can't seem to find its footing. I think that the near 4% dividend yield might create a bit of a floor, but Smucker needs to find something to make them grow faster.
I wish they would They ought to merge with someone. I'll get back to them. Hmm, I'm be- I'm I'm beginning to get a little nervous about next week because now we're starting to see companies I've just mentioned not so good not so good not so good not so good not DocuSign. DocuSign reports I keep thinking they're going to show us something that's going to reignite that growth and rekindle our love affair with the company that made it so much easier to close business deals or real estate transactions.
I'm just glad it's not up to me to figure out how to turn this thing around. Sometimes I just wish DocuSign would merge with the other big COVID play that's struggling post-pandemic, Zoom. Zoom ZoomDoc. DocuZoom. You get me, right? Makes sense. Finally on Friday we have the most important story of next week, at least when it comes to the economy, and that's the Labor Department's nonfarm payroll report.
How funny is this, huh? Help wanted. Now I want to be really clear on this. The Fed will feel no The Fed will feel no pressure to cut rates until unemployment reaches the 4% level. The Fed needs to see people lose their jobs while wages stabilize. Until they Until that happens, they can't take action.
We can talk about them taking action, but they won't. It's just that simple. I have no idea how we've all gotten so fixated on the outputs of the labor market. We're always going to have all sorts of inflation for all sorts of things as long as the economy is at full tilt. I don't want to root for job losses, but historically throwing people out of work is really the only tool the Fed has to fight inflation.
When people get fired and businesses close, when the apartments, the rents, the homes get too expensive and the people in 20s and 30s get laid off, you know what they do? They move BACK WITH MOM AND DAD. THEY CAN NO LONGER afford to live where they're living. They may not be able to pay for their cars anymore.
They don't take out insurance anymore. They become what I'm calling walking deflationistas. I coined that just now. But that won't happen until unemployment spikes. I have no idea how we got to all this CPI price deflator roller coaster. What is that about? ENOUGH. MAGIC MOUNTAIN. THESE CHANGES are determined by Friday's numbers.
So the bottom line, those of you who want the Fed to cut so badly that you're staying on the sidelines until they do, you better hope we get some weakness in the employment numbers next Friday. Otherwise, I'll tell you what, see in July, chief. Let's go to Kathy in Connecticut. Kathy. Thank you, Professor Cramer, for taking my call.
Aye aye. What's up? Um I need some help with Pfizer. I don't know what to do. Sell it? Hold it? No, you're looking at At this point, look, I think that we're going to see some results from Seagen. Remember they bought Seattle Genetics. Pfizer's got that yield that pay in a way. It's kind of like a CD with maybe some upside.
Okay, how about Mike in the Atlanta? Mike. Jim, how are you? I'm good, Mike. How about you? I'm doing okay. I talked to you 2 weeks ago. You told me to buy more of this enterprise software stock and then the last 2 days uh they've all been getting crushed and I'm wondering what you want me to now to do with ServiceNow.
All right, ServiceNow, I think that may be the exception. ServiceNow could be an exception, we don't know. I mean, they've got that rule, you know, they got the rule of whatever, and they're doing terrifically. Uh it's about they're like up to rule nine, rule nine. They have not missed, they have made.
And by the way, I made a comment the other day about Jensen and like wanting to get with Jensen. They may be the only guy, I swear, they may be the only one that if you go to actually to to Nvidia, you might see a ServiceNow, but I kid you not. There. Now that's straightened out. Look, if you're sitting on the sidelines waiting the Fed to cut rates, then you better hope we get some weakness in next Friday's jobs report, okay?
Otherwise, I'll see you in July. On Mad Money tonight, Zscaler reported earnings beat last night and jumped higher in today's tape. I'm seeing if the stock can keep moving towards the clouds with its AI developments and recent acquisitions when I discuss the CEO. Then, can DaaS do leadership keep delivering?
I'm diving into the comeback story after the retailer's incredibly great report. And the Investing Club held we we you know, we hosted a monthly meeting yesterday, and we still had so many questions that we wanted to get answered, and we're going to give you a taste of the club right here on Mad Money. So, I suggest you .
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