Jim Cramer Says “Corning Flew Too Close and Had Its Icarus Moment”

Corning Incorporated (NYSE:GLW) was among the stocks on Jim Cramer’s Mad Money radar as he discussed the recent sell-off in AI-related stocks. Highlighting the stock’s recent parabolic move, Cramer said:

Let’s go back to the rain metaphor for a moment, though. We’re on the cusp of the big four tech earnings, Amazon, Alphabet, Meta, and Microsoft, and that could all disappoint if this article has substance. Honestly, that’s exactly what this market may need, though. We need a shakeout of the fair-weather soldiers and the fair-weather shareholders, and we actually need to have some shorts built in. That’s what rain does. That’s how our market can continue. Otherwise, it will go bubbleicious. We’re also seeing a host of other stocks that have gone parabolic, Arm Holdings, which we own for the Trust, Dell, AMD, which I wish we owned for the Trust, and Corning, which reported this very morning.

These stocks had threatened to touch the sun. Corning flew too close and had its Icarus moment today, tumbling nearly 9%. I told members of the Investing Club that it didn’t really matter what Corning said because its stock had gone parabolic, running so much that disappointment was indeed inevitable. It didn’t matter if the company announced two huge clients, something that would’ve normally sent the stock barreling into the sun. Instead, it reacted to the rain and got clubbed. I say, good. Corning needed that, too. Even though my Trust owns it, it’s what we needed to see.

Photo by Chris Liverani on Unsplash

Corning Incorporated (NYSE:GLW) develops optical fiber, cables, and related hardware for telecommunications, and produces glass substrates for displays used in TVs, computers, and mobile devices.

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