Technology stocks fell on Thursday following disappointing results from Alphabet, whose search business again missed estimates, and a reversal in Microsoft’s early gains despite accelerating Azure growth. Jim Cramer argued that investors are indiscriminately selling both strong and weaker companies, creating what he sees as a buying opportunity ahead of earnings from Amazon and Intel. Eli Lilly shares reached an all-time high on strong demand for its obesity and diabetes treatments and raised earnings guidance. FedEx beat quarterly expectations and raised its full-year outlook, but a softer fourth-quarter forecast limited the stock’s gains as transportation, labor, and aircraft maintenance costs increased. Cramer nevertheless expects FedEx to surpass UPS for the first time during the holiday shipping season, while its chief executive remains confident that domestic margins will improve in 2027.
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