CNBC’s Jim Cramer mentioned Friday enterprise leaders he has spoken to are deeply frightened concerning the coronavirus outbreak, citing as proof the cancellation of the Cell World Congress.
“The individuals I do know who have been presupposed to go there, it was form of like a cruise — I am not going there. I am not going to threat going to Barcelona,” Cramer mentioned on “Squawk on the Avenue.”
“You are not used to listening to these hard-bitten executives say, ‘I am personally, personally frightened,'” he added.
The world’s largest commerce present for the cell phone trade had been scheduled for later this month in Barcelona, Spain. About 100,000 individuals attended in 2019. However organizers this yr canceled the occasion on Wednesday, saying “international concern concerning the coronavirus outbreak, journey concern and different circumstances” made it “unimaginable” to carry it.
LG, Sony, Ericsson, Nokia, Nvidia, Intel and Amazon determined to not attend earlier than the official cancellation, placing strain on organizers.
Greater than 64,000 individuals have been identified with coronavirus, and no less than 1,380 individuals have died. The overwhelming majority of instances are in China.
As of earlier this week, Spain solely had two confirmed instances of the coronavirus.
The choice to cancel MWC speaks to the wide-ranging results of the outbreak, the “Mad Cash” host mentioned.
It was clear the coronavirus was impacting the enterprise group, with factories shutting down as employees stayed at dwelling and airways canceling 1000’s of flights to China, for instance.
Cruise operators even have canceled journeys, and a few ships that had already set sail are beneath quarantine.
However Cramer mentioned the MWC cancellation sheds mild on how executives are viewing the scenario close to their very own well being, not simply the welfare of their staff.
“That has not been the story. Now we’re on the, ‘I do not need to get damage [phase],'” he mentioned.
— CNBC’s Ryan Browne contributed to this report.