‘There are semis that aren’t hitting it out of the park’

Missed quarterly results and light guidance from Analog Devices (ADI) is a reminder that it’s not sunshine and rainbows across the entire chip industry, CNBC’s Jim Cramer said Wednesday.

Shares of Analog Devices — which makes data converters, sensors and other semiconductor products used across industrial, automotive, communications and consumer markets — fell more than 4% at their lows Wednesday, before recovering most of its losses. The stock has advanced around 5.5% year to date, compared with a nearly 39% gain for the PHLX Semiconductor Sector Index.

“Remember, there are semis that aren’t hitting it out of the park,” Cramer said on “Squawk on the Street.” His comments come ahead of Nvidia‘s (NVDA) much-anticipated earnings report after the close Wednesday. Shares of Nvidia — which is owned by Cramer’s Charitable Trust, the portfolio used for the CNBC Investing Club — have more than tripled this year.

Analog’s industrial and automotive segments — its two largest by revenue — reported good numbers Wednesday morning, Cramer said. The main culprit for the disappointment is its consumer business, Cramer added, pointing to concerns about spending on personal electronics. “The consumer, again, is weak.”