CNBC’s Jim Cramer on Tuesday named hammered tech stocks that he believes can make a comeback after the Federal Reserve finishes tightening the economy.
He also predicted that there are many pandemic plays that likely won’t recover from this year’s challenges.
CNBC’s Jim Cramer on Tuesday named hammered tech stocks that he believes can make a comeback after the Federal Reserve finishes tightening the economy.
Here is his list:
Amazon
Microsoft
Alphabet
Tesla
Netflix
Apple
Salesforce
ServiceNow
Adobe
Workday
“Nearly all of these, save Apple, are variations on the same story — stocks that were cut in half when their businesses had no such comedowns,” he said, adding, “Their stocks just got way ahead of themselves before the Fed took away that easy money.”
Tech stocks plummeted this year after climbing to stratospheric levels during the height of the pandemic. Persistent inflation, the Fed’s rate hikes, Covid-19 lockdowns in China and Russia’s invasion of Ukraine drove investors out of risky tech stocks and into safer bets.
At the same time, fears about an impending recession have led investors to prioritize profitability in a company over growth. Once-prosperous tech companies have cut thousands of jobs across the industry in an effort to cut costs.