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Home » Jim Cramer: Apple iPhone data shows shipments to China surge in April
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Jim Cramer: Apple iPhone data shows shipments to China surge in April

i2wtcBy i2wtcMay 28, 2024No Comments3 Mins Read
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Jim Cramer’s CNBC Investment Club broadcasts a live “Morning Meeting” every weekday at 10:20 a.m. ET. Here are Tuesday’s key moments: The Nasdaq on Tuesday surpassed 17,000 points for the first time in history, driven by further gains in the club’s namesake Nvidia stock. In response, Jim Cramer said, “Nvidia is getting a lot of mindshare, so maybe that’s why people are selling.” [the broader market] Shares of the AI ​​chip giant rose 5%, extending last week’s gains, boosted by stellar quarterly results, guidance and comments on future prospects. Both the Dow Jones Industrial Average and the S&P 500 are under some pressure, reflecting the divergence seen last week. Apple shares rose nearly 1% on Tuesday on signs of increased iPhone demand in China, the world’s second-largest economy. iPhone shipments in China surged 52% in April, a strong recovery from March, driven by price cuts on flagship products, according to new data from the China Academy of Information and Communications Technology. But Jim said investors shouldn’t take the report at face value. “I don’t believe it,” he said. “I think the direction is right, but it’s too big.” He said iPhone shipments are volatile and often inaccurate. UBS also noted that April tends to be seasonally soft, with the big monthly increase only adding about 1 million units.Citi raised its rating on DuPont to “buy” from “hold” and increased its price target on the club to $95 a share from $85. Analysts said DuPont’s recently announced plan to split into three publicly traded companies should lead to further gains for the stock. BMO Capital and Wells Fargo Securities also raised their ratings on the stock last week. The club echoes Wall Street’s views, saying the split is a win for shareholders. “This is a big step forward,” Citi said. [CEO] “Ed Breen’s ultimate plan is to get the stock to $100,” Jim said Tuesday as the stock traded around $82. We’ve added more DuPont shares based on that optimism, and have separately initiated a position in global manufacturing company Dover. (Jim Cramer’s charitable trust is long AAPL, DD, DOV and NVDA. See the full list of stocks here.) Subscribers to Jim Cramer’s CNBC Investment Club receive trade alerts before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling shares in the charitable trust’s portfolio. If Jim talks about a stock on CNBC television, he waits 72 hours after issuing a trade alert before executing the trade. The above Investment Club information is subject to our Terms of Use and Privacy Policy, as well as our Disclaimer. No fiduciary duties. No obligation or liability is or will be created by the receipt of any information provided in connection with the Investment Club. No specific results or benefits are guaranteed.



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