CNBC’s Jim Cramer gave his market outlook on Wednesday, as many stocks failed to gain commercial momentum after positive quarterly reports.
“Most stocks are simply not getting a lot of pin action now for what they do, partly because, well, the market has had a miraculous run,” said the host of “Mad Money”. “It makes everything look like a yawn and it’s starting to bother me.”
Cramer pointed to the lack of momentum in negotiations by chip maker Advanced Micro Devices, banks and consumer products stocks after publishing their respective figures.
AMD’s shares fell 1.40% to $ 84.02 on Wednesday, a day after the company released a quarter that Cramer described as “breathtaking”. Since the disclosure of first quarter earnings two weeks ago, JPMorgan’s shares have fallen 1.2%, while names like Citigroup and Bank of America have gained little or none since their reports.
Meanwhile, Apple and Facebook shares jumped about 4% and 6%, respectively, in post-market trading on Wednesday, after reporting strong results in the first three months of the year.
“Unless your company is a big beneficiary of the big reopening, nobody cares,” said Cramer. “Even so, you have to deliver a huge positive surprise – not just a regular positive surprise – to get the attention of this market.”