Jim Cramer: 'Not The Time To Own Oil,' When Asked About Exxon Mobil; Says IBM Is 'Performing Well'

Author: Avi Kapoor | September 11, 2024 08:45am

On CNBC's “Mad Money Lightning Round,” Jim Cramer was asked about Advance Auto Parts (NYSE:AAP). He said, “You’re going to hold it… That company is not a great operator.”

On Aug. 22, the company reported quarterly earnings per share of 75 cents, missing the street view of $1.07. Quarterly sales of $2.683 billion beat the street view of $2.679 billion.

Cramer said “no to Citigroup Inc (NYSE:C), yes to JPMorgan Chase & Co (NYSE:JPM).”

On July 30, Morgan Stanley analyst Betsy Graseck maintained Citigroup with an Overweight rating and raised the price target from $66 to $79.

When asked about IES Holdings, Inc. (NASDAQ:IES), he said, “I know the company, and it's the right spot.”

On Aug. 2, IES Holding reported a year-over-year increase in third-quarter financial results. Also, the company authorized a $200 million share repurchase program.

IBM (NYSE:IBM) is “doing quite well,” Cramer said. “Arvind Krishna [CEO of IBM] has really reinvented the company, he's doing a terrific job.”

On Sept. 9, IBM announced its intent to acquire Accelalpha, a global Oracle services provider.

“This is not the moment to own oil,” Cramer said, when asked about Exxon Mobil Corporation (NYSE:XOM).

WTI crude oil prices fell sharply on Tuesday as OPEC cuts its demand forecast.

Price Action:

• Citigroup shares fell 2.7% to settle at $57.95 on Tuesday.
• IES shares rose 2.4% to close at $148.46 during Tuesday's session.
• IBM shares gained 0.9% to close at $205.32 during Tuesday's session.
• Advance Auto Parts fell 0.5% to settle at $38.53 during the session.
• Exxon Mobil shares fell 3.6% to close at $110.82 on Tuesday.

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Photo: Shutterstock

Posted In: AAP C IBM IES JPM XOM