"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), 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."
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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.