TheStreet’s Action Alerts PLUS Portfolio Manager Jim Cramer said on Thursday that he would ‘steer clear of Jabil Circuit (JBL). On Thursday, shares of Jabil opened lower after missing quarterly expectations on both the top and bottom line and provided fiscal third-quarter and full-year guidance for both metrics that fell short of analysts’ forecasts. Cramer said the conference call didn’t do much to help calm investors, and could have a negative impact on Apple stock. Apple is an Action Alerts PLUS holding. Jabil’s CEO Mark Mondello said on the quarterly call that ‘the modest declines we experienced during the second quarter have now turned into an abrupt downturn, significantly impacting our third fiscal quarter.’ Cramer said what that means is Apple has slowed its ordering. Cramer also reiterated his view on Apple shares by saying investors should own the stock, not trade it.
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