‘The sell-off most likely isn’t done’

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'The sell-off probably isn't done'

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CNBC’s Jim Cramer on Friday expected next week’s crucial market occasions, that include public remarks from several Federal Reserve authorities and incomes reports from Nike and FedEx.

The “Mad Money” host’s lookahead followed another down day for Wall Street, with the Dow Jones Industrial Average dropping 533 points Friday to end up its worst week considering that October.

“The Fed is in warning mode, and warning mode … can be brutal,” Cramer stated, including that history likewise reveals late June is a bumpy ride for stocks in basic. “The bad news is that the sell-off probably isn’t done,” he stated.

Revenue and earnings-per-share forecasts are based upon FactSet quotes:

“Mad Money” host Jim Cramer’s list of crucial market occasions next week.

CNBC

Monday: Bullard speaks

Investors will be paying attention to what St. Louis Fed President James Bullard needs to state Monday, Cramer stated. That’s due to the fact that the reserve bank authorities’s rates of interest remarks Friday early morning on CNBC weighed on market belief.

“If he doesn’t drop the 2022 rate hike talk, I expect the averages to keep getting hit,” Cramer stated, describing that cash would likely then keep “flowing into the high-growth stocks by midday, perhaps late day, that thrive in a slowing economy — Adobe, Nvidia, a couple others I’m going to mention — and then flow out of the construction, farm equipment, aerospace, oil plays, industrials.”

Tuesday: Powell speaks

The Fed stays in focus Tuesday, with Chairman Jerome Powell set up to reveal remarks, Cramer stated. He anticipates Powell will merely acknowledge Bullard’s view, he stated, without powerfully pressing back.

“If Powell doesn’t defang Bullard’s comments and the market falls, I think that’s the time to do some selective buying in higher growth stocks,” Cramer competed, indicating Adobe, Amazon and Advanced Micro Devices as 3 business to think about purchasing.

Wednesday: Winnebago, KB Home incomes

Winnebago

  • 3Q financial 2021 results prior to the bell; teleconference at 10 a.m. ET
  • Projected EPS: $1.77
  • Projected income: $839 million

“We know the RV and motor home industry is on fire right now, but it hasn’t mattered to the stocks at all,” Cramer stated. “Many people think of these as a pandemic play because Winnebagos are cleaner, safer ways to take a vacation, so maybe the stock goes down no matter what,” he stated.

KB Home

  • 2Q results after the bell; teleconference at 5 p.m. ET.
  • Projected EPS: $1.63
  • Projected income: $1.48 billion

The business “needs to confirm everything that Lennar just told us about the fantastic state of the housing market yesterday morning,” Cramer stated. “If KB Home does that, I would actually circle back to Lennar … because it’s the biggest beneficiary from the current cycle and it just reported a magnificent quarter.”

Thursday: Accenture, Nike and FedEx incomes

Accenture

  • 3Q financial 2021 results prior to the bell; teleconference at 8 a.m. ET
  • Projected EPS: $2.24
  • Projected income: $12.77 billion

Nike

  • 4Q financial 2021 results after the close; teleconference at 5 p.m. ET.
  • Projected EPS: 51 cents
  • Projected income: $11.09 billion

“We’re expecting a big number from their U.S. business, but at the same time the possibility of a weaker Chinese number … is very much on the table,” Cramer stated. However, he stated if Nike satisfies expectations and management prevents any discover the teleconference, “I suspect they’ll be rewarded with a series of price target boosts, maybe even an upgrade or two. Great story, but not if China stays as important as it’s been.”

FedEx

  • 4Q financial 2021 results after the bell; teleconference at 5 p.m. ET
  • Projected EPS: $4.98
  • Projected income: $21.47 billion

“I think FedEx is a fantastic situation, but this is one that may not be able to maintain its momentum,” Cramer stated.

Friday: Paychex, CarMax incomes

Paychex

  • 4Q financial 2021 results prior to the bell; teleconference at 9: 30 a.m. ET
  • Projected EPS: 67 cents
  • Projected income: $980 million

“Typically, this stock comes in hot and then gets clobbered no matter what they say, even good things. This time, the stock’s been clobbered ahead, so it might be a good buy going into the quarter,” Cramer stated.

CarMax

  • 1Q results prior to the open; teleconference at 9 a.m. ET
  • Projected EPS: $1.63
  • Projected income: $6.17 billion

“Now that we finally have a break in commodities, we need to hear that used cars have become more plentiful. Unfortunately, I doubt that’s what we’re going to hear from CarMax,” Cramer stated.

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