Tag Archives: Cleveland-Cliffs Inc

Business

HCA Healthcare, Kimberly-Clark, Gap and more

Leave a comment

Pedestrians pass in front of a GAP store in New York.

Scott Mlyn | CNBC

Check out the companies making headlines in midday trading Friday.

American Express — Shares of the payment firm dipped 1.1% despite American Express topping earnings expectations for the first quarter. American Express reported a profit of $2.73 per share, versus the Refinitiv consensus estimate of $2.44 per share. Earnings got a boost from spending by millennials and Gen-X consumers, the company said.

Verizon Communications — Shares of Verizon fell 6.1% after the company reported a loss of 36,000 monthly phone subscribers during the first quarter, compared with a FactSet estimate of a 49,300 loss. Verizon also posted earnings and revenue for the quarter that were in line with Wall Street forecasts.

HCA Healthcare, Universal Health Services, Intuitive Surgical — The health-care sector was under pressure Friday, with HCA Healthcare as its greatest laggard after reporting disappointing full-year earnings and revenue guidance. HCA dropped 19%, Universal Health Services tumbled 13%, and Intuitive Surgical declined about 13%.

SVB Financial Group — Shares for the regional bank soared more than 11% after the company reported strong earnings. SVB Financial Group earned an adjusted $6.22 per share, compared with a consensus estimate of $5.60 from FactSet. The company’s net interest income also beat expectations.

Kimberly-Clark Corporation — Shares for the consumer products company spiked nearly 9% after Kimberly-Clark exceeded earnings expectations. The firm earned $1.35 per share in its most recent quarter, versus consensus estimates of $1.23 per share from Refinitiv. Kimberly-Clark also raised its full-year organic sales forecast.

Schlumberger — Shares jumped more than 3% after the oilfield services producer beat earnings expectations. Schlumberger earned 34 cents per share, versus analyst expectations of 33 cents per share. Schlumberger also hiked its dividend by 40%.

Gap — Shares for the retailer fell about 20% after Gap announced the chief executive officer of its Old Navy business, Nancy Green, is leaving the firm this week. Gap also cut its outlook for net sales growth this fiscal year.

— CNBC’s Tanaya Macheel contributed reporting.

Read original article here

Business

American Express, Verizon, Kimberly-Clark and more

Leave a comment

Check out the companies making headlines before the bell:

American Express (AXP) – American Express rose 1.2% in the premarket after reporting better-than-expected profit and revenue for the first quarter. Amex reported a profit of $2.73 per share compared with the $2.44 consensus estimate, helped by increased spending by millennial and Gen-X consumers as well as small and medium-sized businesses.

Verizon (VZ) – Verizon earned an adjusted $1.35 per share for the first quarter, matching estimates, with revenue also essentially in line. Verizon lost 36,000 phone subscribers during the quarter, less than the 49,300 losses expected by analysts who were surveyed by FactSet. Verizon fell 1.4% in premarket trading.

Kimberly-Clark (KMB) – The consumer products company’s shares jumped 3.8% in the premarket after reporting better-than-expected quarterly earnings and revenue. Kimberly-Clark said it was able to deal with a “volatile and inflationary” environment and raised its full-year organic sales forecast.

Cleveland-Cliffs (CLF) – The steel producer and mining company’s stock rallied 3.5% in premarket trading after beating top and bottom-line estimates for the first quarter. Cleveland-Cliffs also raised its average selling price forecast for the full year.

Schlumberger (SLB) – The oilfield services producer beat estimates by a penny with an adjusted quarterly profit of 34 cents per share, and revenue also topped Wall Street forecasts. Schlumberger also raised its dividend by 40%, and its stock added 1.1% in premarket action.

Snap (SNAP) – Snap lost an adjusted 2 cents per share for its latest quarter, compared with consensus forecasts of a 1 cent per-share profit for the social media company. It also issued a conservative sales growth outlook for the current quarter, and the shares fell 1.1% in premarket trading.

Gap (GPS) – Gap cut its sales growth outlook amid increasing competition and more promotions. The company also announced that Old Navy President and CEO Nancy Green is departing. Gap stock tumbled 14.8% in the premarket.

Anheuser-Busch InBev (BUD) – AB InBev will sell its stake in its Russian joint venture and take a $1.1 billion impairment charge as a result. The beer brewer suspended sales of its Budweiser brand in Russia last month following Russia’s invasion of Ukraine. AB InBev fell 1.8% in premarket action.

SAP (SAP) – SAP shares slid 4.1% in premarket trading after the German business software company said it would take a $300 million revenue hit due to its exit from the Russian market.

Boston Beer (SAM) – Boston Beer reported a quarterly loss of 16 cents per share, compared with analysts’ expected profit of $1.97 per share. The beer brewer’s revenue missed estimates as shipment volume declined more than 25% from a year earlier and gross margins fell as well. Shares were down 3.2% in the premarket.

Read original article here

Business

Nvidia, Logitech, Nikola, Uber and more

Leave a comment

NVIDIA President and CEO Jen-Hsun Huang

Robert Galbraith | Reuters

Check out the companies making headlines in midday trading.

KB Home — Shares of the homebuilder ticked 5% lower in midday trading after missing on the top and bottom lines of its quarterly results. KB Home reported earnings of $1.47 per share on revenue of about $1.40 billion. Wall Street expected earnings of $1.56 per share on revenue of $1.50 billion, according to Refinitiv.

Nikola — Shares for the electric vehicle company jumped 3.6%. The company began production of the battery-electric version of its Tre semitruck in its Coolidge, Arizona, factory.

Nvidia, Intel — Shares for the two companies popped in midday trading after reports that Nvidia may consider sourcing computer chips from Intel, according to Bloomberg. Also, Intel CEO Pat Gelsinger has been pushing government officials in the U.S. to support legislation to assist semiconductor production. Nvidia’s stock price jumped 8.4%, and Intel jumped 5.4%.

GameStop — Shares of the video game retailer retreated 5% following a seven-day winning streak. The stock surged 14% on Wednesday after Chair Ryan Cohen bought 100,000 more shares and raised his stake to 11.9%.

Steelcase — Shares of the office furniture maker tumbled more than 7% in midday trading. The company reported an unexpected loss for its most recent quarter, even as revenue exceeded expectations. Steelcase cited supply chain issues and inflationary pressures.

Logitech — Shares of the computer peripherals manufacturer jumped 6.4% after Bank of America initiated coverage of the company with a buy rating. Though the stock is down about 13% this year, the analyst covering Logitech said it’s “too inexpensive to ignore.”

NetApp — The cloud company’s stock price dipped 2.2% in midday trading. Bank of America analysts on Thursday downgraded the firm to neutral from buy, saying NetApp has limited upside from here.

Uber — Shares of the ride-sharing company jumped close to 4% on news that it reached a deal to feature New York City taxis on its app. Through the deal, Uber will work with taxi-hailing apps Curb and Creative Mobile Technologies.

Cleveland-Cliffs — Shares for the firm soared nearly 10% in midday trading as global shortages in steel spurred interest in the manufacturer.

Liberty Global — Shares of the European telecommunications company rose 1.7% after Credit Suisse upgraded the stock to outperform from neutral. The firm said in a note that “momentum was turning” for Liberty.

— CNBC’s Margaret Fitzgerald, Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.

Read original article here

Business

This is a treacherous market filled with extreme stock moves

Leave a comment

CNBC’s Jim Cramer on Friday offered viewers his game plan for the next five trading days on Wall Street.

The “Mad Money” host’s lookahead came after the S&P 500 and Nasdaq Composite posted their best weeks so far in 2022, finishing 1.5% and 2.4% higher, respectively.

“This week we saw the true colors of what is a treacherous market,” the “Mad Money” host said. If investors love a stock, there’s “no level it won’t be taken up to,” he said. “But if it’s hated? There are no depths it won’t sink to. Either way … it’s likely to be an extreme.”

All revenue and earnings per share estimates are from FactSet.

Monday: Tyson Foods, Two-Take Interactive and Simon Property Group

Tyson Foods

  • Q1 earnings release before the bell; conference call at 9 a.m. ET
  • Projected EPS: $1.93
  • Projected revenue: $12.17 billion

Cramer said the company’s quarter should provide insights into the country’s meat supply chain, which has experienced a host of challenges during the Covid pandemic.

Take-Two Interactive

  • Q3 earnings release after the close; conference call at 4:30 p.m. ET
  • Projected EPS: $1.12
  • Projected sales: $868 million

Take-Two’s quarter will provide a glimpse into how much of the pandemic-related surge in gaming has stuck around, Cramer said. “[CEO] Strauss Zelnick is the straightest of straight shooters. If demand is waning, he’s just going to say it.”

Simon Property Group

  • Q4 earnings release after the bell; conference call at 5 p.m.
  • Projected EPS: $2.89
  • Projected revenue: $1.25 billion

Tuesday: Centene, Pfizer, Chipotle, DuPont and Peloton

Centene

  • Q4 earnings before the open; conference call at 8:30 a.m. ET
  • Projected EPS: 98 cents
  • Projected revenue: $32.5 billion

“I think it’s a takeover target and I bet we’ll get a very good quarter,” Cramer said of the health insurer.

Pfizer

  • Q4 earnings before the bell; conference call at 10 a.m. ET
  • Projected EPS: 87 cents
  • Projected sales: $24.16 billion

Cramer also said he expects very good numbers from Pfizer.

DuPont

  • Q4 earnings before the open; conference call at 8 a.m. ET
  • Projected EPS: 99 cents
  • Projected revenue: $4.02 billion

“The great industrials have had a real up and down time in this market and I fear this could be DuPont’s down time, which is why we finally decided to ring the register for a terrific profit for the charitable trust,” Cramer said.

Chipotle

  • Q4 earnings after the close; conference call at 4:30 p.m. ET
  • Projected EPS: $5.25
  • Projected sales: $1.96 billion

Cramer said Chipotle’s quarter is the one he’s most interested in Tuesday. “I think it could do low double-digit same-store sales versus last year’s already excellent numbers and that should cause the stock to ignite,” he said. “Raw costs are always a problem in the business, though.”

Peloton

  • Q2 earnings after the close; conference call at 5 p.m. ET
  • Projected EPS: Loss of $1.22
  • Projected revenue: $1.14 billion

Cramer said he’s looking for a host of updates from Peloton’s management after the exercise equipment maker’s stock has been pummeled in recent months. One topic that is likely to come up is The Wall Street Journal’s report Friday that Amazon has approached Peloton about a potential deal, Cramer said.

Wednesday: CVS Health, PepsiCo, Disney and Mattel

CVS Health

  • Q4 earnings release before the bell; conference call at 8 a.m. ET
  • Projected EPS: $1.83
  • Projected sales: $75.66 billion

“I expect a very good quarter from CVS [because of] Covid testing, but what happens next?” Cramer said. “Have they monetized the vaccination seekers? That would take it to the next level.”

PepsiCo

  • Q4 earnings release before the open; conference call at 8:15 a.m. ET
  • Projected EPS: $1.52
  • Projected revenue: $24.24 billion

Cramer said he was surprised the beverage giant’s stock fell 1.6% Friday, suggesting he’d pick up some shares ahead of the quarterly print.

Disney

  • Q1 earnings release after the close; conference call at 4:30 p.m. ET
  • Projected EPS: 73 cents
  • Projected revenue: $20.27 billion

Cramer said he thinks the media and entertainment giant does not get enough credit for the value of its intellectual property. “This isn’t Netflix. It isn’t Facebook. It’s a one-of-a-kind growth vehicle. It is not stagnant. It is not dead, and that’s why I’d like to build a bigger position ahead of the quarter for my trust,” he said.

Mattel

  • Q4 earnings release after the close; conference call at 5 p.m. ET
  • Projected EPS: 33 cents
  • Projected revenue: $1.66 billion

“I think there could be a whole new slate of toys and entertainment from CEO Ynon Kreiz, who’s been a turnaround whizz,” Cramer said.

Thursday: Coca-Cola, Twitter, Cloudflare and Zendesk

Coca-Cola

  • Q4 earnings release before the bell; conference call at 8:30 a.m. ET
  • Projected EPS: 41 cents
  • Projected revenue: $8.98 billion

While Cramer said he expects a good quarter from Coca-Cola, he specifically mentioned looking for updates on the beverage maker’s partnership with Molson Coors on a Topo Chico hard seltzer. “I think this is the next big spiked [beverage],” Cramer said.

Twitter

  • Q4 earnings release before the bell; conference call at 8 a.m. ET
  • Projected EPS: 33 cents
  • Projected revenue: $1.58 billion

It’s unclear whether Twitter’s digital ad business faces challenges like Facebook parent Meta or is growing just fine like Amazon or Alphabet, Cramer said. “I think we’ll find out that it remains the same old plodding Twitter when it reports—a company that has nothing we truly want to pay up for,” Cramer said.

Cloudflare

  • Q4 earnings after the close; conference call at 5 p.m. ET
  • Projected EPS: 0 cents
  • Projected revenue: $185 million

Cramer said he’s anticipating “great numbers” from the cybersecurity firm, but “I don’t expect anyone to care” because the stock is out of favor on Wall Street.

Zendesk

  • Q4 earnings after the bell; conference call at 5 p.m. ET
  • Projected EPS: 18 cents
  • Projected sales: $371 million

Cramer said he’s keeping an eye out for an update on Zendesk’s pursuit of Momentive Global, a deal which activist investor Jana Partners has urged Zendesk to drop.

Friday: Under Armour, Cleveland-Cliffs and Goodyear Tire & Rubber

Under Armour

  • Q4 earnings release before the open; conference call at 8:30 a.m. ET
  • Projected EPS: 6 cents
  • Projected sales: $1.47 billion

“There’s lots of good buzz about this one, so much that I think it’s actually a terrific speculation going into the quarter. We keep hearing about a potential turnaround, maybe this time it’s going to happen,” Cramer said.

Cleveland-Cliffs

  • Q4 earnings before the bell; conference call at 10 a.m. ET
  • Projected EPS: $2.15
  • Projected revenue: $5.73 billion

“I’m betting actually that Cleveland-Cliffs will do a decent number,” Cramer said, complimenting the company’s management and improved balance sheet.

Goodyear Tire & Rubber

  • Q4 earnings before the open; conference call at 9 a.m. ET
  • Projected EPS: 32 cents
  • Projected sales: $5.01 billion

“I think that Goodyear will positively dazzle,” Cramer said.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Disclaimer

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer’s world? Hit him up!
Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram

Questions, comments, suggestions for the “Mad Money” website? madcap@cnbc.com



Read original article here

Business

I still believe in Cleveland-Cliffs

Leave a comment

Schrodinger: “I don’t know. It seems low enough. I know the Bill and Melinda Gates Foundation own it, but the problem is Cathie Wood owns it [for] ARK. When things are good, that’s fantastic. When things are bad, it’s real bad. Right now, maybe go slightly. Take a small position if you want to.”

Digital Turbine: “It’s another one of those creative video situations. I got like 70 of them. At least it makes money. But there’s just too many of them. This is my big theme that I’ve had to say since November and gotten a little more, let’s say, boisterous about it. There’s just too many of these, and no one can keep track of them anymore, so they sell them.”

AGNC Investment Corp.: “Mortgage-backed security company that has a big yield that does nothing. That’s what it’s had since I started the show. That’s what it continues to be, and I don’t want you in it. I think you should sell, sell, sell.”

Weber: “I recommended this. And Traeger, I mean there’s like five barbecue companies now. I don’t know. I am shocked that it’s this low. It’s a really, really good company, and it makes a lot of money, and it’s very inexpensive, but it has no catalyst.”

Cleveland-Cliffs: “I was going over this company with Matt Horween, my writing partner, and we were both shocked it could be this low. Obviously, the estimates are too high. Obviously, there are people who are goin to say it has a high multiple because the numbers are too high. I still believe in the company.”

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Read original article here

Business

Wynn Resorts is a buy

Leave a comment

Blackstone: “I like Blackstone very much.”

Wynn Resorts: Buy

Advanced Micro Devices: “Advanced Micro is a screaming buy.”

Cleveland-Cliffs: “I want to buy the stock and put it away.”

Golden Ocean: “It’s up too much and the 2.5% yield ain’t going to help you if we decide that there’s a slowdown in world trade.”

Crispr Therapeutics: “It’s a very speculative stock. It sits at 100-plus points. A lot of people can’t take that kind of downside pressure, but I think that you can buy half a position because I do think that it has always been … [a potential] takeover stock.”

Lam Research: “I’m going to say buy it. I know it’s moved a great deal. I wish they’d split it, but they’re not going to.”

Covanta: “I think it’s OK … I think that there are other plays that are better. I would even buy Chevron … more than I would buy Covanta.”

BJ’s Wholesale: “BJ’s is a buy.”

Disclosure: Cramer’s charitable trust owns shares of Wynn Resorts.

Disclaimer

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer’s world? Hit him up!
Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram

Questions, comments, suggestions for the “Mad Money” website? madcap@cnbc.com



Read original article here

Business

Take-Two, Electronic Arts, Chegg and more

Leave a comment

A drumline performs at the Electronic Arts EA Play event at E3 in Los Angeles, California.

Getty Images

Here’s a look at some of the companies making headlines after the bell.

Take-Two Interactive — The video game stock slipped 3% in extended trading even after the company reported higher-than-expected revenue for its fiscal third quarter. Take-Two posted $814 million in sales for the period, while analysts surveyed by Refinitiv were expecting revenue of $747 million. Take-Two’s earnings-per-share number was not comparable to Wall Street estimates.

Electronic Arts — The video-game giant announced Monday it will acquire mobile-games developer Glu Mobile for $2.1 billion, or $12.50 per share in cash. That price represents a 36% premium to Glu’s closing price on Friday of $9.19 per share. EA shares rose more than 1% on the news. Glu shares were halted in after-hours trading before jumping toward the offer price. “Mobile continues to grow as the biggest gaming platform in the world, and with the addition of Glu’s games and talent, we’re doubling the size of our mobile business,” Electronic Arts CEO Andrew Wilson wrote in a statement. The deal is expected to close in the second quarter of 2021.

Chegg — Chegg shares rose 4.6% on the back of stronger-than-expected fourth-quarter results for the education company. Chegg earned an adjusted 55 cents per share on $205.7 million in revenue. Analysts surveyed by Refinitiv were looking for 49 cents per share and $189.6 million in revenue.

Cleveland-Cliffs — The steel stock shed 3% in extended trading after the company announced it was holding a secondary stock offering of 60 million shares. The offering includes 20 million shares from the company and 40 million shares from shareholder ArcelorMittal.

— CNBC’s Rich Mendez contributed to this story.

Read original article here