Cramer Called Tech’s Bounce Back a Stay of Execution, But Amazon (AMZN), Apple (AAPL) and Broadcom (AVGO) Are Up Big Again

By Rich Duprey Published Apr 2, 6:05PM EDT

24/7 Wall St. Insights:

CNBC host Jim Cramer has a knack for making calls just before stocks or the market do the opposite, and that was no different today when he said yesterday’s tech stock rally was really a “stay of execution.”

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Cramer Called Tech’s Bounce Back a Stay of Execution, But Amazon (AMZN), Apple (AAPL) and Broadcom (AVGO) Are Up Big Again — © MicroStockHub / iStock via Getty Images

It was just the other day that CNBC host Jim Cramer said “I can’t think of a dumber day to buy stocks than today.” It was almost to the exact minute that the stock market, which had been falling at the time, reversed course and shot higher. The market then went on to have another strong day yesterday.

Today, Cramer posted on X that Tuesday’s pricing action for tech stocks “felt like a stay of an execution….” Once again, he was prescient in the wrong way as the sector ran up and closed higher, with stronger performances by some of tech’s biggest names.

Amazon (AMZN)

Amazon (NASDAQ:AMZN | AMZN Price Prediction) closed up 2% today after putting in a bid to acquire TikTok ahead of a ban on the service set for the weekend if no buyer is found.

According to The New York Times, Amazon sent a letter to Vice President J.D. Vance and Commerce Secretary Howard Lutnik outlining its bid. Details of the offer were not disclosed. Because TikTok has become a retail shopping hub, Amazon already has a close connection to the service as influencers recommend products.

President Trump is working to have Oracle (NYSE:ORCL) be a part of a bid to buy it as a means to safeguard the personal data of the 170 million U.S. users personal data.

Apple (AAPL)

Apple (NASDAQ:AAPL) also closed in the green today, up 0.3%, after Visa (NYSE:V) offered the tech giant $100 million to take over the Apple credit card contract currently held by rival Mastercard (NYSE:MA). The card is available because Goldman Sachs (NYSE:GS), the banking giant behind it, is exiting the consumer lending market. The Wall Street Journal says Apple is expected to choose a network to service the card before choosing a bank to replace Goldman Sachs.

Broadcom (AVGO)

The third tech stock making gains today is Broadcom (NASDAQ:AVGO) after Daiwa Securities analyst Louis Miscioscia upgraded the AI chipmaker from outperform to buy. He also raised his one-year price target on AVGO stock to $275 per share from $225 per share.

Broadcom closed Wednesday trading at $172.09 per share, implying there was 60% upside in the stock. The analysts believes there are four levers the chipmaker can pull to drive more growth: AI chips, networking, VMWare, and its legacy semiconductor products.

About the Author Rich Duprey →

After two decades of patrolling the dark corners of suburbia as a police officer, Rich Duprey hung up his badge and gun to begin writing full time about stocks and investing. For the past 20 years he’s been cruising the markets looking for companies to lock up as long-term holdings in a portfolio while writing extensively on the broad sectors of consumer goods, technology, and industrials. Because his experience isn’t from the typical financial analyst track, Rich is able to break down complex topics into understandable and useful action points for the average investor. His writings have appeared on The Motley Fool, InvestorPlace, Yahoo! Finance, and Money Morning. He has been interviewed for both U.S. and international publications, including MarketWatch, Financial Times, Forbes, Fast Company, and USA Today.