After the decline in the FANG stocks on Tuesday, CNBC’s Jim Cramer issued a warning to investors who own the technology-laden group.
“I just wanted to get in front of tomorrow’s storyline,” the “Mad Money” host said. “You better believe the obituary’s being written once again right now, this time with the death notice containing two As and two Ns, as in FAANNG, or Facebook, Apple, Amazon, Netflix, Nvidia and Google, the company now known as Alphabet.”
Weakness in the FAANNGs is bound to be taken seriously, which is why Cramer looked at the broader market layout, starting with the GOP-led tax overhaul.
But even though Cramer remained bullish on the FAANNG stocks, a caller asking about General Electric brought up some real regrets.
“Sometimes, you just get had, and I got had,” Cramer said. “I was wrong about GE. That’s my fault. I shouldn’t have recommended it on the way down.”
“I thought business was doing better,” the “Mad Money” host continued. “Did management know something I didn’t know? I don’t think so. I think they got snookered, too. But you know what? We’ve got a new guy in town, [CEO John] Flannery. I think he’s trying to put it together, trying to get it together, so I would not sell it. But I cost people money because I believed, and I’m ashamed.”