The cybersecurity stock's steep losses were not an overreaction, CNBC's Jim Cramer said. However, he predicted the worst is now behind the stock.
The worst is over for CrowdStrike shareholders after steep losses tied to the major global IT outage caused by the company, CNBC's Jim Cramer predicted Monday. "I think it's the bottom" in CrowdStrike's stock price, Cramer said Monday on "Squawk on the Street," shortly before the opening bell. Shares of CrowdStrike were higher in the premarket and added more than 3% in early regular trading.
mountain 2024-07-18 CrowdStrike since close July 18, day before global IT outage The declines "were not an overreaction because was really bad," Cramer said. However, he said the response by CrowdStrike CEO George Kurtz and the company more broadly should calm fears about long-lasting damage to the firm's standing. Cramer's CNBC Investing Club owns shares of Palo Alto Networks , a rival to CrowdStrike in the cybersecurity industry. The Club also owns Microsoft .
Stock Takes Jim Cramer Investment Strategy Markets Breaking News: Markets Investingclubsample Crowdstrike Holdings Inc Palo Alto Networks Inc Microsoft Corp Business News
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