Shares of Alibaba fell more than 5% in a volatile session as investors assessed the company’s earnings report. While revenue for its December quarter missed analyst estimates, the company announced an increase of $25 billion to its stock buyback program. Jim Cramer suggested buying Alibaba given the Chinese government’s recent stimulus efforts.
CVS Health lowered its 2024 adjusted earnings outlook due to higher medical costs, causing shares to climb more than 3%. Despite challenges in its managed-care industry, such as with Aetna, CEO Karen Lynch has the ability to make positive changes, according to Cramer.
New York Community Bancorp faced significant challenges, including a credit rating downgrade to junk, a surprise fourth-quarter loss, and dividend payout cuts. As a result, shares tumbled 10% to below $4. Jim Cramer advised against buying shares of NYCB in the current market climate.
Uber Technologies delivered strong fourth-quarter results, with shares slightly dropping to around $70 each. Cramer recommended waiting a day and then purchasing Uber stock, as he viewed it as a solid investment opportunity. Additionally, video-game platform Roblox surpassed analyst expectations with its fourth-quarter results, leading to a 6% increase in shares. Cramer emphasized the importance of focusing on strong quarterly bookings for investment analysis.
