TheStreet's Jim Cramer is keeping an eye on shares of Avago Technologies (AVGO) as the semiconductor manufacturer prepares to release second quarter results after the bell Thursday. Cramer says Avago has been the leader in the semiconductor space. The company is a cellphone semiconductor not unlike Skyworks Solutions (SWKS), and we know that's been very high, says Cramer. Qorvo (QRVO) has also been very high. This is where all the action is, he says, and Avago which has run more than any of them, continues to power higher and it's going to take the whole group. Cramer says you have to look at these things in the context of leaders. Avago is the leader of that particular segment, Workday is the leader of cloud. So be aware, Cramer tells investors, Avago is the bellwether. It is the one that is going to determine how the higher performing chip stocks do. Cramer thinks it'll be a good quarter for the company but thinks the stock has run way too much.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.