Cramer's Morning Take: Tech Stocks 2/7/24

Jim Cramer (0:01)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club Morning Meeting.

SPEAKER_2 (0:07)

Yesterday, there was this broadening out, you had rallies in other areas, some profit taking in tech. It does seem to be that they're coming back for tech today.

Jim Cramer (0:15)

And that's what we do.

SPEAKER_2 (0:16)

Whether it's NVIDIA, or even, you know, it's not tech, but that's put Eli Lilly in that group as well. Finished down yesterday despite a big Monjaro number.

Jim Cramer (0:25)

That was wrong, because if you take a look, the analysts were very critical of Lilly in the com school saying, how can you spring this nash on us? Now, remember, this is that non-alcoholic problem with your liver, which does kill a lot of people. It's often fatal.

And the reason why they did it was they said, listen, this was phase two data. We just got the data, and it's so great. We felt like we had to disclose it.

SPEAKER_2 (0:46)

Yeah, there was a funny moment on the call where there were an analyst, ASMR, is like, why aren't you going further? Is it because perhaps you have a better molecule? Remember, they are working on a more effective trisepatide that's still in trial. So a lot of questions around that, but a very confident conference call, I would say.

Jim Cramer (1:06)

Right, and you know, Eli, look, having done some work with the FDA because of my job with American Migrant Foundation and American Brain Foundation, you have to understand that when you have a really bad illness, okay, and you have good phase two data, you cannot wait. You gotta, they might want to bust the trial and just say, listen, we gotta start giving people this.

SPEAKER_2 (1:22)

You have cyber roaring today. That's Palo Alto after some better than expected numbers from Fortinet and Tenable. And how about this? So 22, 23, every time Snap Inc. reported a bad number, you had Big Sellers and Meta, Big Sellers and Alphabet.

Today, it's the opposite. Snap, horrible.

Meta, strong day today.

Jim Cramer (1:41)

Wait, now, Meta is, people have to understand that what, you have to understand that when you work at a network like we do, the product is the Chicago Fire and the cop shows, that's the product, okay? And the advertisers have rebelled against that. When you're going to Facebook or Instagram, you're the product and the advertisers love that because it can be targeted by AI. Now, you can't target if you've been on the Snap.

None of the advertisers is comfortable because they're not getting any pull from it from the 800 million emmys, because younger children do not buy.

Now, if you have a Roblox model where you can actually pay, that works. Roblox up, but I just think that there was a moment where people just said, listen, I want to be in front of people's eyeballs. Now, we want eyeballs of people who spend. And that's why I think the money that would have gone, honestly, to Snap, Amazon Web Services, because that's where the.

SPEAKER_3 (2:55)

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