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Jim Cramer says Elon Musk’s post-earnings ‘manifesto’ signals a chance to buy Tesla plunge

Robert Frost by Robert Frost
July 24, 2024
in Industries
Jim Cramer says Elon Musk’s post-earnings ‘manifesto’ signals a chance to buy Tesla plunge
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Jim Cramer’s daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Tesla : The electric vehicle maker missed expectations on earnings per share (EPS) in the second quarter, and the stock dropped 12%. CNBC’s Jim Cramer praised Tesla CEO Elon Musk’s post-earnings conference call. “It was a manifesto of what he’s thinking about long term,” Cramer added. “If you read it, you would say, ‘Wow, I’m getting a great opportunity to again to go buy some.” Visa : The credit card giant missed estimates on sales, and that was worrying the market. Dow stock Visa dropped more than 3%. Cramer said Visa tried to explain away a downtick in the last month. “No one is going to buy them,” he added. Vertiv : The data center products and services company saw a small sales beat and an EPS beat. It delivered a strong full-year outlook. The stock, however, lost 5%. Cramer said there’s a mistaken belief that data center spending has peaked. “This is not backed up by any bit of evidence,” he added. GE Vernova : The energy provider said revenue will be toward the high end of its range, thanks to strong trends in power and electrification. Wind was weak. Cramer said GE Vernova does not talk up its natural gas business because it wants to be known as clean energy. “But this is nat gas play and a very good one,” he added. Texas Instruments : The chipmaker reported a better-than-expected quarter with a solid forecast. It’s also a potential winner from geopolitical tensions in semiconductors because its factories are being built in the U.S. On the post-earnings call, Texas Instruments CEO Haviv Ilan talked about a capital allocation. “This is now going to be a winner because the de-stocking is almost over,” Cramer said.



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