On CNBC’s “Mad Money Lightning Round,” Jim Cramer said no to United Microelectronics Corporation (NYSE:UMC) adding that it is a “tough” one. Cramer noted that although the stock is not expensive, but it’s higher by 135% this year and he doesn’t have a catalyst at these prices.
UMC posted sales results for July on Aug. 6. The company said July net sales rose 18.98% year-over-year, while sales for the Jan.-July period climbed 12.41% to NT$153.61 billion.
Avnet, Inc. (NASDAQ:AVT) is a “really good” stock, Cramer said. “I’m glad you brought my attention. I cannot believe how low the P/E is. But then again, a lot of people feel that the move is about to end at any given moment, and that’s what’s wrong with Avnet.”
On the earnings front, Avnet reported fourth-quarter earnings of $2.28 per share on Aug. 5, beating the analyst consensus estimate of $1.77 per share. The company reported quarterly sales of $8.295 billion, which beat the analyst consensus estimate of $7.519 billion.
Cramer recommended passing on Archer Aviation Inc. (NYSE:ACHR). “If we want to do a spec, there’s better specs out there,” he added.
As per recent news, Archer Aviation posted better-than-expected second-quarter sales on Aug. 10 and announced definitive agreements to acquire Boeing’s Wisk Aero, SkyGrid, and Insitu subsidiaries.
Price Action
- Avnet shares fell 5.3% to settle at $93.40 on Tuesday.
- Archer Aviation shares fell 1.1% to close at $6.32 during the session.
- United Microelectronics fell 5.4% to settle at $18.48 on Tuesday.
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