CNBC host Jim Cramer said long-term investors should buy shares of Amazon.com Inc. AMZN, Apple Inc. AAPL and Salesforce.com Inc. CRM as these “truly best of breed” stocks are a buying opportunity amid the pullback.
What Happened: “Amazon will automate. Apple will find a way to build all the phones it needs. Benioff will buy whatever companies Salesforce needs to stay competitive, like he did with Slack,” Cramer said on CNBC’s “Mad Money” show.
Cramer believes Facebook Inc. FB cannot be put in the same category of best of breed operators like Apple or Amazon, noting concerns about whether advertisers will abandon the social media giant.
Why It Matters: Shares of Amazon.com, Apple and Salesforce closed lower in Monday’s trading as technology stocks were weighed down by rising Treasury yields.
Apple continues to see strong demand for the iPhone 13 models launched earlier this month. In addition, leading Apple watcher Mark Gurman said that the iPhone 14 lineup next year is likely to feature a complete redesign.
Amazon.com is expected to unveil several new products, including new Echo devices, during its annual fall event on Tuesday. The event highlights the company’s intensified push into the hardware sector.
Last week, several analysts maintained bullish ratings on Salesforce’s stock and raised price targets following the company’s recent Investor Day presentation and its acquisition of the Slack work-chat service.
Price Action: Apple shares closed more than 1% lower in Monday’s trading at $145.37, while Amazon.com shares closed almost 0.6% lower at $3405.80.
Salesforce.com shares closed almost 2.1% lower in Monday’s trading at $279.68.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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