"That's got to go up because there's too many other cloud offers" scheduled to go public, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, Without a strong debut the entire cloud sector will suffer.
Turning to ConAgra Foods (CAG - Get Report), the company has continually missed earnings estimates. However, it finally beat estimates Thursday, albeit with lowered expectations, when it reported its third-quarter earnings results.Cramer was happy for the company, saying General Mills (GIS) was in a similar situation of beating lowered expectations. However, "these are not the stocks you buy if you think the economy is heating up."
WATCH: More videos from Jim Cramer on TheStreet TV Instead, investors who are defensive should buy stocks like ConAgra Foods and sell some of their utility stocks, Cramer concluded.
-- Written by Bret Kenwell in Petoskey, Mich.
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