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Business

Nasdaq futures fall after weak Amazon guidance adds pressure to tech rout

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Nasdaq 100 futures were lower Friday after disappointing Amazon earnings added to the already pressured index.

Futures tied to the Nasdaq dropped 0.84% Dow Jones Industrial Average futures were fractionally lower and S&P 500 futures lost 0.53%.

Amazon led the declines in extended trading, having plunged after the company posted weaker-than-expected quarterly revenue and issued disappointing fourth-quarter sales guidance.

Apple shares were initially lower too after the company reported weaker-than-anticipated iPhone revenue, but they have since reversed higher. The company still beat Wall Street estimates for quarterly earnings and revenue.

Tech names were a dark cloud over the market in regular trading, too. Earlier in the day, the Nasdaq Composite lost 1.6%, due to a rout in Meta and other tech stocks, and the S&P 500 fell 0.6%. Meanwhile, the Dow rose 194.17 points, or 0.6%, for its fifth straight day of wins, helped by GDP data that hinted that inflation may be waning.

SoFi head of investment strategy Liz Young said the pain investors are feeling in earnings was inevitable and necessary to move forward in the current cycle.

“We’ve been waiting for this to happen,” she said on CNBC’s “Closing Bell: Overtime.” “There’s usually a sequence of events: First the market goes, then earnings go, then the economy goes. So this is finally that part where we’re seeing earnings get hit and I don’t think it’s any mistake that it’s tech getting hit the most. Tech is what has been under pressure in this market since the beginning.”

“This is just another check on the list of things that we need to get through before we can really be done with this part of the cycle,” she added.

The Dow and S&P are on pace to end the week higher by about 3% and 1.5%, respectively. The Nasdaq is set to finish slightly lower.

Friday brings a quieter day for earnings. As investors digest the bloodbath in tech, they’ll have Chevron and Exxon Mobil on deck before the bell as well as AbbVie and Colgate-Palmolive.

In economic data, traders are looking forward to the Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred inflation gauge, as well as consumer sentiment and pending home sales.

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Business

Amazon, Apple, Alphabet report as season heats up

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CNBC’s Jim Cramer on Friday told investors that stocks will likely continue to do well as long as the economy holds up.

“Many companies have battened down the hatches, so to speak, and prepped for a recession. So if we don’t get a severe slowdown, they will indeed keep flying,” he said.

He also previewed next week’s slate of earnings. All earnings and revenue estimates are courtesy of FactSet.

Monday: Logitech

  • Q2 2023 earnings release at 9 p.m. ET; conference call on Tuesday at 8:30 a.m. ET
  • Projected EPS: 85 cents
  • Projected revenue: $1.2 billion

Cramer said the stock could take a hit because of the slowdown in the PC market.

Tuesday: Halliburton, Coca-Cola, Alphabet, Microsoft

Halliburton

  • Q3 2022 earnings release at 6:45 a.m. ET; conference call at 9 a.m. ET
  • Projected EPS: 56 cents
  • Projected revenue: $5.34 billion

Halliburton’s stock could soar after it reports earnings, he predicted.

Coca-Cola

  • Q3 2022 earnings release at 6:55 a.m. ET; conference call at 8:30 a.m. ET
  • Projected EPS: 64 cents
  • Projected revenue: $10.52 billion

Cramer said he expects the company to have a strong quarter, similar to Pepsi-Co‘s.

Alphabet

  • Q3 2022 earnings release at 4 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $1.27
  • Projected revenue: $71.08 billion

The Google parent company will likely report a solid quarter due to the strength of YouTube, he predicted.

Microsoft

  • Q1 2023 earnings release at 4:05 p.m. ET; conference call at 5:30 p.m. ET
  • Projected EPS: $2.31
  • Projected revenue: $49.66 billion

Cramer said he expects the stock to jump after the company reports.

Wednesday: Meta, Ford

Meta

  • Q3 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $1.90
  • Projected revenue: $27.47 billion

He called himself the “only believer” of the Facebook parent company.

Ford

  • Q3 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: 27 cents
  • Projected revenue; $37.46 billion

While the demand is there for Ford’s vehicles, supply isn’t, Cramer said.

Thursday: Apple, Amazon

Apple

  • Q4 2022 earnings release at 4:30 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $1.27
  • Projected revenue: $88.79 billion

Cramer said he’s sticking to his mantra of “own it, don’t trade it” when it comes to Apple.

Amazon

  • Q3 2022 earnings release at 4 p.m. ET; conference call at 5:30 p.m. ET
  • Projected EPS: 22 cents
  • Projected revenue: $127.49 billion

Cramer said he likes the company, especially because its cloud business seems to be doing well.

Friday: Colgate-Palmolive

  • Q3 2022 earnings release at 7 a.m. ET; conference call at 8:30 a.m. ET
  • Projected EPS: 73 cents
  • Projected revenue; $4.47 billion

There are better consumer packaged-goods plays than Colgate, he said.

Disclaimer: Cramer’s Charitable Trust owns shares of Halliburton, Alphabet, Microsoft, Meta, Ford, Apple and Amazon.

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Business

Pfizer, Occidental Petroleum, Bank of America and more

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A syringe is filled with a dose of Pfizer’s coronavirus disease (COVID-19) vaccine at a pop-up community vaccination center at the Gateway World Christian Center in Valley Stream, New York, U.S., February 23, 2021.

Brendan McDermid | Reuters

Check out the companies making headlines before the bell:

China Evergrande Group — Chinese property giant Evergrande tumbled more than 10% on Hong Kong Stock Exchange, spooking Asian markets. The company has been scrambling to pay its suppliers, and warned investors twice in as many weeks that it could default on its debts. Last week Evergrande said its property sales will likely continue to drop significantly in September after declining for months.

Pfizer — The pharmaceutical giant said Monday that trials showed its Covid vaccine was safe and effective when used in children ages 5 to 11. Pfizer and partner BioNTech said they would submit the results for approval “as soon as possible.” Shares of Pfizer were down about 1% in premarket trading.

Laredo Petroleum, Occidental Petroleum — Oil and energy stocks dipped in premarket trading on Monday. The SPDR S&P Oil & Gas Exploration ETF is down more than 3% in early trading, on pace for its 3rd straight negative session. Laredo Petroleum is down more than 8%, Callon Petroleum is down roughly 6%, and Occidental Petroleum is down nearly 5%. The losses came as crude oil fell on fears of a global economic slowdown tied to the China property market.

Colgate-Palmolive — The consumer staples stock was upgraded to buy from hold by Deutsche Bank on Sunday. The investment firm said that Colgate’s difficulties with inflation and in some international markets was already priced in to its stock.

JPMorgan, Bank of America — Bank stocks slid in unison amid a decline in bond yields on slowdown fears. Investors flocked to Treasurys for safety as the stock market is set for its biggest sell-off in months. Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2% in premarket trading. Citizens Financial Group dropped 3%, while Citigroup declined 2.5%.

AstraZeneca — The United Kingdom-based pharmaceutical company announced on Monday that its breast cancer drug Enhertu showed positive results in a phase-three trial. Shares of the company were up more than 1% in premarket trading.

ARK Innovation ETF — Cathie Wood’s ARK Innovation ETF is down 2.75% in the premarket, on pace to snap a 3-day winning streak. Compugen, DraftKings, Coinbase and Square are so of the ETF’s biggest losers this morning.

— with reporting from CNBC’s Jesse Pound and Yun Li.

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Business

13 consumer stock picks for when the economy takes off

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A customer selects bar of Dove soap, a Unilever product, at a Sainsbury’s supermarket in London, U.K.

Bloomberg | Getty Images

Goldman Sachs has named a slew of consumer stocks that could rally alongside the reopening of the global economy following the coronavirus pandemic.

In a research note last week focused on European stocks, the investment bank noted that a handful of consumer staples — i.e. companies whose products tend to always be in demand, even in times of economic downturns — could be about to see significant price gains. This despite expectations of rising inflation that is often viewed as a dampener on demand for consumer goods.

Here’s a list of the 13 stocks, all buy-rated by Goldman Sachs:

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