CNBC’s Jim Cramer on Monday analyzed the five worst-performing stocks on the Dow Jones Industrial Average during the first quarter, saying which ones he thinks may be worth keeping an eye on.

“Normally I don’t believe in the concept of a stock pivoting in such a short period of time — three months does not a pirouette make,” he said. “But I think companies can lay the groundwork, and I see some of them doing that, so let’s get to the five worst performers from the first quarter and I’ll tell you the levels where their stocks could be enticing.”

Here are the five stocks, starting with the worst first, according to FactSet:

  1. Boeing: Boeing’s had “well-earned bad publicity” this year, Cramer said. Several of the company’s planes have had high-profile malfunctions recently and to Cramer, Boeing might be a “long-term renter on the poorly performing list.”
  2. Nike: Cramer noted that the shoe market has become very competitive, and said he’s worried about the company’s business in the U.S. He said he’s waiting to see quarterly results because he thinks “the consumer has stopped paying up for some things that they can get for less from competition.”
  3. Intel: Cramer said Intel may be able to rally “simply thanks to easy comparisons versus last year,” adding that UBS raised its price target on the stock Monday morning.
  4. Apple: Cramer maintains his philosophy that investors should own Apple and not trade it, saying it could be a “short-term loser, long-term winner.” The tech giant’s been plagued by slowing sales in China and Cramer said there may be an inventory bubble developing in phones, but he asserted that he’s confident in Apple’s management team, adding that he’s excited about Nvidia‘s potential work with the Vision Pro.
  5. UnitedHealth Group: The nation’s largest health insurer was hurt by higher medical costs, according to Cramer. But he said he’s willing to buy the stock because the company is run well, and he said it may be the most likely of the five to bounce back. Health insurance stocks were hit Monday in extended trading after the Centers for Medicare & Medicare Services announced the government is boosting payments for Medicare Advantage for 2025 by 3.7%, less than the industry was hoping for.

“The worst performers in the Dow include stocks that … have both hair and flies on them, in a market that demands a pristine story,” he said. “And there’s nothing pristine about this list; do not kid yourself.”

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