Jim Cramer reviews the worst performers on the Nasdaq-100 in 2023

$Moderna(MRNA.US)$ : Cramer noted that this pharmaceutical giant was also one of the bottom stocks on the S&P 500 last year, suggesting it may still be suffering from a post-Covid hangover.
$Illumina(ILMN.US)$: Cramer likened this diagnostic equipment manufacturer to Moderna, a company that saw success during the pandemic but has since "failed to find its next act." Illumina's stock has also been tainted by a botched $7 billion acquisition of GRAIL, an outfit that makes cancer screening tests. The status of the deal has been in limbo for a few years, and Cramer advised investors to wait for clarity on that front before taking any action.
$Walgreens Boots Alliance(WBA.US)$: The household retail pharmacy name beat Wall Street's revenue expectations in its Thursday earnings report, but shares plunged after the company slashed its quarterly dividend almost in half. Cramer said he's encouraged by the company's earnings and suggested it may be worth another look now that the stock's price has dipped. Walgreens was the worst performer of the Dow 30 in 2023.
$Exelon(EXC.US)$: Exelon was the worst performer of the utilities, Cramer said, but he's not surprised — many dividend stocks suffered in 2023 thanks to relentless interest rate hikes.
$American Electric Power(AEP.US)$: Cramer said he'd recommend American Electric Power over Exelon, saying it's a "much safer bet." He was encouraged by the company's November earnings results and the CEO's assertion that healthy economic growth in numerous service areas drove the solid quarter.
$PayPal(PYPL.US)$: Although there were many tech winners in 2023, PayPal was not one of them, Cramer said. He said the company's core digital payments offering was no longer unique, challenged by giants like $Apple(AAPL.US)$ and $Amazon(AMZN.US)$