{"id":34254,"date":"2022-06-02T23:05:02","date_gmt":"2022-06-02T23:05:02","guid":{"rendered":"https:\/\/harchi90.com\/nowhere-else-to-go-but-up-jim-cramer-likes-these-3-mega-cap-tech-stocks-that-have-been-soundly-shellacked-in-2022\/"},"modified":"2022-06-02T23:05:02","modified_gmt":"2022-06-02T23:05:02","slug":"nowhere-else-to-go-but-up-jim-cramer-likes-these-3-mega-cap-tech-stocks-that-have-been-soundly-shellacked-in-2022","status":"publish","type":"post","link":"https:\/\/harchi90.com\/nowhere-else-to-go-but-up-jim-cramer-likes-these-3-mega-cap-tech-stocks-that-have-been-soundly-shellacked-in-2022\/","title":{"rendered":"‘Nowhere else to go but up’ – Jim Cramer likes these 3 mega-cap tech stocks that have been soundly shellacked in 2022"},"content":{"rendered":"
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‘Nowhere else to go but up’ – Jim Cramer likes these 3 mega-cap tech stocks that have been soundly shellacked in 2022<\/figcaption><\/p>\n<\/figure>\n

With the Nasdaq Composite down 24% year to date, sentiment towards tech stocks is far from bullish.<\/p>\n

It’s hard to predict when the market will bottom, but CNBC’s Jim Cramer sees big opportunities in the tech space.<\/p>\n

“While they may stay losers, the bottom line is they’ve fallen so darn far that I think they’ve become metaphors for a whole host of stocks that are now ready to rally because they’ve got nowhere else to go but up, \u201dHe said on Tuesday.<\/p>\n

The Mad Money host points to three big-name tech stocks that are down substantially in 2022.<\/p>\n

Here’s a look at each one of them.<\/p>\n

Amazon (AMZN)<\/h2>\n

Cramer began by talking about Amazon, which despite its dominance in the e-commerce industry, is down 28% year to date.<\/p>\n

He believes that Amazon remains a growth stock, but for the company to increase its investor appeal, it needs to “take its medicine.”<\/p>\n

“They got to cut back on warehouses that are no longer needed, cut back on workers who can get new jobs quickly if they let them go to this environment, and get more aggressive on the advertising side of retail while maintaining a big lead in the cloud with Amazon Web Services. “<\/p>\n

Cramer points out that Amazon could earn $ 82 a share in 2024, but after taking those initiatives, that $ 82 of EPS in 2024 could become $ 100.<\/p>\n

“And you’re buying Amazon stock for close to market multiples in those numbers.”<\/p>\n

Meta Platforms (FB)<\/h2>\n

Even mega-cap stocks can plunge violently.<\/p>\n

Owning some of the largest social media and messaging apps in the world – Facebook, Instagram, WhatsApp, and Messenger – Meta is a tech gorilla commanding hundreds of billions of dollars of market cap.<\/p>\n

Yet shares have fallen 44% year to date.<\/p>\n

The company’s ambition in the metaverse was once considered a big catalyst for the stock. But that enthusiasm doesn’t seem to apply to today’s market as most metaverse-related stocks are deep in the red.<\/p>\n

Cramer, however, continues to believe in the concept.<\/p>\n

“The stock’s trading like the whole metaverse thing is just one big joke being played on Mark Zuckerberg, which seems pretty unlikely to me given his track record.”<\/p>\n