Stocks declined Wednesday as the Federal Reserve left interest rates unchanged but signaled it expected to boost interest rates twice by the end of 2023, earlier than anticipated.
General Motors Is Undervalued, Jim Cramer Says
General Motors' (GM) - Get Report battery division is worth almost as much, perhaps more, than the company's auto division, leading TheStreet's Jim Cramer to call the company undervalued. "I know the stock has been a winner, and winners win," Cramer said from the New York Stock Exchange floor Wednesday.
GM plans to increase spending on electric and autonomous vehicles to $35 billion over the next four years, a 30% increase from previous plans. It's a sign the automaker is preparing to compete with Ford (F) - Get Report, Tesla (TSLA) - Get Report and others to sell cars and trucks that go without conventional engines.
The Detroit automaker also said it was raising its first-half earnings guidance as it navigates the global semiconductor shortage and pandemic-related supply chain issues.
Don't Sell Oracle Due to Guidance, Cramer Says
People selling Oracle (ORCL) - Get Report Wednesday are being opportunistic in the wrong way if they are doing it because of the light guidance the company provided following its fourth-quarter-earnings release, Jim Cramer said.
The Austin database-software giant reported fourth-quarter non-GAAP earnings of $1.54 a share as revenue rose 8% to $11.2 billion. Analysts were expecting the company to report earnings of $1.31 a share on revenue of $11.02 billion.