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Stock Market Today With Jim Cramer: Intel Needed Change

Jim Cramer discusses the latest stock market news including Intel's new CEO Pat Gelsinger, homebuilder KB Home's earnings and Qualcomm's acquisition of Nuvia.

Stocks were higher Wednesday as Wall Street monitored a vote in Washington on the impeachment of President Trump and keyed in on expectations that the incoming administration of Joe Biden will boost government spending.

TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about Intel's new CEO Pat Gelsinger, homebuilder KB Home earnings and Qualcomm's acquisition of Nuvia.

Intel: Buy Or Sell?

Intel  (INTC) - Get Intel Corporation Report CEO Bob Swan will step down in February, with VMware  (VMW) - Get VMware, Inc. Report CEO Pat Gelsinger taking his place atop the tech giant, the company said.

Gelsinger, 59, has been in the tech industry for more than 40 years and has served as CEO of VMware since 2012, doubling the size of the company during his tenure. 

Cramer said Gelsinger knows both the future of technology in terms of cloud, data centers and he also knows semiconductors. "Gelsinger is terrific, he's an engineer by background. I am most certain about the fact that Bob [Swan] didn't want the job because he was not interested. Intel used to be a gem that has been tarnished, it will take them a long time to catch up to Nvidia  (NVDA) - Get NVIDIA Corporation Report and AMD  (AMD) - Get Advanced Micro Devices Inc. Report."

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KB Home: Buy Or Sell?

Shares of KB Home  (KBH) - Get KB Home Report rose Wednesday amid strong order numbers in its fourth-quarter earnings report. The homebuilder reported earnings and revenue that topped Wall Street estimates. The company said housing-market conditions continue to be “robust,” and it expects meaningfully higher revenue and earnings this year.

Cramer said there is a perception that people have to get into housing stocks before interest rates go higher. "You have to get in because rates are low. But even if the rates took off remember that the Fed is determined to keep the rates lower because of jobs. So, there is not a rush to buy. There is not too much inventory though. KB Homes has some and its selling and at better prices and that is a virtuous circle. KB Homes is doing incredibly well and the stock is not over."

Qualcomm: Buy Or Sell?

Smartphone chipmaker and wireless telecom equipment maker Qualcomm  (QCOM) - Get QUALCOMM Incorporated Report said Wednesday that it would acquire the chip start-up Nuvia for about $1.4 billion to become the preferred platform for the future of connected computing. 

Cramer said Qualcomm has had a big move but it's not the 5G stock to go after, Marvell  (MRVL) - Get Marvell Technology Inc. Report is. "Qualcomm has a bit more to run."

Marvell is a key holding in Jim Cramer's Action Alerts PLUS charitable trust. Want to be alerted before Jim Cramer buys or sells any stock? Learn more from Cramer and his membership team now.