Jim Cramer shares his thoughts on Boeing, Intel, AMD, Masimo, Tesla, Rivian and Cleveland-Cliffs

Boeing CEO Dave Calhoun will step down by the end of 2024, according to an announcement made by the company on Monday. The announcement also included two other leadership changes. The board chairman will not seek re-election at the annual meeting in May, while the head of Boeing Commercial Airplanes is leaving the company immediately. The company is currently dealing with the fallout from an incident involving Alaska Airlines earlier this year. Boeing shares saw a slight increase of about 0.4%. General Electric CEO Larry Culp is being considered as a potential successor to Calhoun due to GE’s aerospace business.

China Plans to Ban Intel and AMD Chips for Government Use

China is reportedly planning to prohibit the use of Intel and AMD chips in government computers and servers, according to a report from the Financial Times. This move by Beijing is seen as an attempt to boost its domestic industry by restricting access to U.S. tech companies. Shares of both chipmakers saw a decline in response to the news. However, it remains uncertain whether the report is accurate. The impact of this ban could be significant given the large number of government PCs, according to Jim Cramer.

Masimo Considering Spin-Off of Consumer-Focused Business

Medical technology company Masimo is currently considering the possibility of spinning off its consumer-focused business. This decision comes after an activist investor, who already holds a substantial stake in the company and a board seat, expressed intentions to nominate two more directors. As a result of the news, Masimo shares rose by more than 3%. Jim Cramer supports the idea of a split, suggesting it could be beneficial for the company.

Electric Vehicle Makers Downgraded, Including Tesla and Rivian

Mizuho Securities downgraded several electric vehicle makers, including Tesla and Rivian, due to concerns regarding slowing demand for battery-powered automobiles. Jim Cramer commented on the situation, mentioning the financial challenges faced by Rivian and the relatively low numbers for Tesla in Germany and China. It should be noted that the CNBC Investing Club owns shares of Ford in the automotive industry.

Cleveland-Cliffs Receives Funding for Decarbonization Projects

Steel manufacturer and mine operator Cleveland-Cliffs announced that it will receive up to $575 million from the U.S. Department of Energy for two decarbonization projects at steel plants located in Ohio and Pennsylvania. Following this news, Cleveland-Cliffs shares rose by approximately 1.5%. Jim Cramer expressed positive sentiment towards the company, noting its recent improvements and disciplined approach. However, he still prefers Nucor as his top steel stock.