ASML Earnings Surprise Give Semiconductor Stocks a Huge Boost
"If you want to hang your hat on something that's good, take a look at the number from ASML Holding (ASML) - Get Report ," TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment Wednesday morning.
Shares are steadily holding onto gains of nearly 6% and hit new 52-week highs in the session after reporting better-than-expected earnings per share and revenue estimates. Revenue soared 34% year-over-year, while profit numbers came in far ahead of analysts' expectations.
That's doing more than giving a lift to ASML stock, though, Cramer said, pointing out that shares of Lam Research (LRCX) - Get Report , Applied Materials (AMAT) - Get Report and KLA-Tencor (KLAC) - Get Report are all moving higher as well.
This is good news for the semiconductor space and that's positive to see from an investment perspective, reasoned Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. Demand appears to be very strong in the semiconductor world, he added.
Let's hope some of that optimism carries over to the other sectors in the stock market, because without a recovery in key groups -- like the banks -- it will be hard for the S&P 500 to close in positive territory, he said. We can blame Goldman Sachs (GS) - Get Report for part of that sector's fall, after its somewhat downbeat conference call, Cramer concluded.
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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.
