Jim Cramer Explains Why the Charitable Trust Trimmed Qnity Stock

Qnity Electronics, Inc. (NYSE:Q) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Discussing the run in the Philadelphia Semiconductor Index, Cramer said:

After today’s pullback, the SOX is up 46% above its 200-day moving average, not perfect. At the end of February 2000, SOX was up 96% from its 200-day moving average. Alright, we’re not even half as overextended as we were back then. So I, look, I’m concerned too, okay? I don’t like rapid moves, I don’t like parabolic moves, and lately we’ve seen a lot of parabolic moves all over the market, and those are worrisome.

I don’t want to overreact, but we’ve been taking some action around the edges for the Charitable Trust on the sell side… For example, last Thursday, the Charitable Trust trimmed some of its position in Qnity Electronics. That is a DuPont spinoff that makes specialized materials for semiconductors, and it rallied 30% from March 30th to April 23rd. No, too fast.

Photo by Austin Distel on Unsplash

Qnity Electronics, Inc. (NYSE:Q) provides materials and chemical solutions used in the manufacturing of semiconductors and electronic components.

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