- CNBC's Jim Cramer on Tuesday told investors he thinks fear, not any valid reason, is causing tech stocks like Oracle and Apple to fall.
- "I'm seeing some action here that tells me people are selling where there's no need to sell," he said. "They're acting out of a level of fear that might not be warranted given the lack of clear negatives."
"I'm seeing some action here that tells me people are selling where there's no need to sell," he said. "They're acting out of a level of fear that might not be warranted given the lack of clear negatives."
By Tuesday's close, Oracle was off 13.5% following disappointing revenue results and weak guidance for the current quarter that the software company reported on Monday. Apple finished the day down about 1.7% after announcing features of the new iPhone 15.
Cramer chalked up Oracle's stock decline and light revenue to its $28 billion acquisition of health-care information company Cerner in December 2021. Cramer said he's confident the stock would have performed better if the company hadn't made such a move.
He added that he's impressed by Oracle's generative artificial intelligence division and recommended investors tap into the company before it starts its "mammoth buyback."
A longtime believer in the lasting success of Apple, Cramer also praised the features of the new iPhone, highlighting its new camera, longer lasting battery and transition to a standardized USB-C charging cable.
"If you want to take counsel of your fears, and sell Oracle or Apple, I get it," Cramer said. "But today, if you sold those two stocks, you took counsel of someone else's fears. Your money, their fears. Seems wrong to me."
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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Apple and Oracle.