Beyond this group of tech stocks, the Nasdaq, up about five points, was largely being weighed down by comments from Broadcom , which said Tuesday that earnings were affected by business “seasonality.” Cramer pointed out that fellow chipmakers Skyworks Solutions , Cypress Semiconductor and Cirrus Logic all reported solid quarters despite regardless. Still, he thinks Broadcom’s stock right now looks cheap said he was unwilling to steer investors away from it.
And in the Dow, which was in the green just 14 points, Cramer noticed that big-cap retail and autos stocks were playing a similar role to that of Broadcom, holding back the index from any significant gains. Walmart was flat off a downgrade, and it looked like any dazzle from Verizon getting Apple’s iPhone had already come and gone. All of these factors together had prevented stocks overall from pushing higher.
“But given the fact that Egypt is still on our minds,” Cramer said of the continued tumult in that country, “it’s rather amazing that this market’s not down a lot.”
Finally, Cramer brushed off talk of rising interest rates in the bond market and any talk of trouble in Europe. He said the real story was Spain’s ability to avoid bankruptcy. He thinks the euro is far from dead and that people should focus on how strong the Continent is right now.
When this story published, Cramer's charitable trust owned Apple.
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