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Stock Market Today With Jim Cramer: AMD and Boeing

AMD is catching up to Intel and is in position to pass the rival chipmaker, Cramer said Wednesday.
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AMD Is About to Pass Intel

AMD  (AMD)  shares jumped more than 7% to $97.50 Wednesday afternoon and TheStreet's Jim Cramer was very impressed with the semiconductor company's quarterly results. 

Cramer says the chipmaker has been able to improve in areas where it previously had floundered. 

"High performance computing, enterprise were all areas they used to lose in consistently, now they're winning," Cramer said from the floor of the New York Stock Exchange Wednesday.

"I think AMD has an opportunity to pull away from Intel in a way that Intel will have a hard time catching up," Cramer said. 

Advanced Micro Devices reported net income of $710 million, or 58 cents a share, compared with $157 million, or 13 cents a share, a year ago. Adjusted earnings came to 63 cents a share.

Revenue totaled $3.85 billion, up 99% from a year ago.

Boeing Is on the Rebound

Boeing  (BA)  shares were rising 4.75% to $232.80 per share  Wednesday following its second-quarter earnings beat, leading Cramer to praise the company and change his mind about a potential secondary stock offering from the plane maker. 

"They executed well this quarter. I was afraid of an equity offering, but I now think an equity offering would come at $300, where I think (Boeing's stock) can go," Cramer said Wednesday. 

Boeing posted its first quarterly profit in more than two years Wednesday, reporting earnings of 40 cents per share, up from a loss of $4.79 per share over the same period last year.

Group revenues, Boeing said, rose 44% from last year to $17 billion, again topping analysts' forecasts of a $16.54 billion tally.