Intel Corporation (INTC): New CEO’s “Terrific,” Says Jim Cramer

We recently published 10 Stocks That Jim Cramer Talked About. Chip manufacturer Intel Corporation (NASDAQ:INTC) is one of the stocks Jim Cramer recently discussed.

Chip manufacturer Intel Corporation (NASDAQ:INTC) just can’t seem to catch a break. The firm’s shares fell by a whopping 9% after its latest earnings report, which made analysts and investors wonder whether a multi-billion-dollar write-off for the leading-edge 18A chip manufacturing process was in play. Intel Corporation (NASDAQ:INTC) is currently in the midst of a tough turnaround under new CEO Lip-Bu Tan. Here’s what Cramer said about the firm:

“Okay so the quarter’s reported. And, the quarter really didn’t have anything. Lip-Bu Tan’s just gotten there. But there was a devastating critique of Gelsinger, of the previous regime. Now I think that sometimes you have to do this really important branch. This is something new. And that’s what he felt about Gelsinger. So one of the things that really,  I think that if you’re thinking about the impact, the government gave them 8.5 billion dollars and they also loaned 11 billion. David, this is not coming together for the Biden administration. Meaning that, look, I’m sure Lip-Bu Tan’s going to pay, he’s the new CEO but it looks like they picked the wrong horse. And it says to people, particularly this government now, that you’ve got to be very careful when you have a government that is choosing who’s going to win. Because they chose a loser. And a big loser.

Intel Corporation (INTC): New CEO's "Terrific," Says Jim Cramer

“Oh he’s terrific. He’s making a lot of changes and he’s, look it’s going to take so long, I mean the company was, the company I don’t say in tatters but there was a lot wrong with the company. And a lot of it was this decision of which he very, very brutally says was making an expansion where there should have been no expansion. Building a basically a giant facility hoping people would come. And he was so critical of that it was painful.”

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Disclosure: None. This article is originally published at Insider Monkey.