Don’t sell Tesla, but stay away from this biotech stock
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Jim Cramer’s daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Tesla : Shares were slightly lower Tuesday. CNBC reported earlier in the day that CEO Elon Musk told Nvidia to redirect some of its artificial intelligence processors reserved for Tesla to Musk’s social media company X. Investors also continued to mull over Tesla’s upcoming annual meeting, at which shareholders will vote on Musk’s contentious $56 billion pay package. “I am not a seller of Tesla. I think he wins the vote, and the stock goes higher,” Jim Cramer said. Intel : Shares were lower by about 0.2% after the semiconductor firm announced a new AI chip for data centers. “Intel has no mojo,” Cramer said. The CNBC Investing Club owns chipmakers Nvidia and Broadcom for their AI businesses. Bath & Body Works : Shares tumbled 13% after the specialty retailer offered disappointing current-quarter guidance alongside its first-quarter results. “The company put on the best face it can in the release,” Cramer said. “It was hard to tell whether they think it’s bad or not, frankly.” Kinder Morgan : Analysts at Wells Fargo upgraded Kinder Morgan and other natural gas midstream stocks, pointing to growing demand for the commodity for reasons including AI. “I wish that were the case. It’s not the case,” Cramer said. He acknowledged that natural gas prices have rebounded significantly from their sell-off to start the year, “but so what? That’s why you’re not seeing Coterra breakthrough to $35 [a share],” he said. The Investing Club owns Coterra Energy . Viking Therapeutics : Shares dropped 14% even after the biotech startup reported that a mid-stage trial for its fatty-liver disease drug met its primary endpoint. “This is not sustainable,” Cramer said, referring to the stock having more than tripled year to date. “There’s nothing there for me, and I don’t think it should be there for anybody else.”
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