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Jim Cramer Praises L3Harris Technologies, Says Intel Is 'Getting Whacked' By AMD: 'I Much Prefer...'

Author: Avi Kapoor | August 23, 2024 08:43am

On CNBC's “Mad Money Lightning Round,” Jim Cramer recommended buying more Micron Technology, Inc.(NASDAQ:MU) right here. “Now it's coming back down, I think it probably goes to 98, 99,” he noted.

On Aug. 22, Susquehanna analyst Mehdi Hosseini maintained Micron Technology with a Positive and lowered the price target from $185 to $175.

Cramer said he likes Crane Company (NYSE:CR). “It is a very well-run company that has totally pivoted and does very little metal-bending,” he added.

On July 29, Crane reported better-than-expected second-quarter financial results.

The “Mad Money” host recommended to sell some Iron Mountain Incorporated (NYSE:IRM). “Let the rest run. That will be the wise thing to do right here,” he added.

On Aug. 1, Iron Mountain reported better-than-expected second-quarter financial results and issued FY24 AFFO guidance above estimates. Also, the company increased its quarterly dividend.

L3Harris Technologies, Inc. (NYSE:LHX) is “terrific,” he said.

On Aug. 14, RBC Capital analyst Ken Herbert downgraded L3Harris Technologies from Outperform to Sector Perform and lowered the price target from $250 to $240.

Cramer said, “I would own Devon (NYSE:DVN), but don't get excited.”

On Aug. 6, Devon Energy reported quarterly earnings of $1.41 per share, which beat the analyst consensus estimate of $1.26 per share. Quarterly revenue came in at $3.917 billion which beat the analyst consensus estimate.

 “I think that Intel (NASDAQ:INTC) is getting whacked by AMD (NYSE:AMD),” Cramer said. “I much prefer Arm Holdings (NASDAQ:ARM).”

On Aug. 1, Intel reported quarterly earnings of 2 cents per share which missed the analyst consensus estimate of 10 cents per share.

Intel announced a $10 billion cost-reduction plan that it says will streamline operations and meaningfully cut spending and headcount, reducing non-GAAP R&D and marketing, general and administrative (MG&A) to approximately $20 billion in 2024 and approximately $17.5 billion in 2025, with further reductions expected in 2026.

Price Action:

  • Micron shares fell 3.8% to settle at $104.26 on Thursday.
  • Crane shares fell 0.02% to close at $150.84.
  • Intel shares fell 6.1% to settle at $20.10 on Thursday.
  • Iron Mountain shares gained 0.6% to settle at $112.78 on Thursday.
  • L3Harris shares gained 0.5% to close at $231.21 during Thursday's session.
  • Devon shares fell 0.4% to close at $43.67 on Thursday.

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Posted In: AMD ARM CR DVN INTC IRM LHX MU

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