Tag Archives: Goodyear Tire & Rubber Co

Business

Abiomed, Uber, SoFi, Pfizer and more

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Take a look at some of the biggest movers in the premarket:

Abiomed (ABMD) – Abiomed stock soared 51.6% in premarket trading after agreeing to be acquired by Johnson & Johnson (JNJ) in a nearly $16.6 billion deal. J&J will pay $380 per share for the maker of heart, lung and kidney treatments, and will add a contingent value right worth up to $35 per share if certain milestones are achieved. J&J shares fell 0.7%.

Uber Technologies (UBER) – Uber rallied 8.8% in the premarket after it reported better-than-expected quarterly revenue as gross bookings surged compared to a year ago. Uber did report a quarterly loss, but that was largely due to unrealized losses on equity investments such as its stake in Didi Global.

SoFi Technologies (SOFI) – SoFi surged 14.3% in premarket trading, following a smaller-than-expected quarterly loss and revenue that exceeded analysts’ forecasts. The fintech company also lifted its outlook after adding nearly 424,000 new members during the quarter, bringing its total to more than 4.7 million.

Pfizer (PFE) – Pfizer jumped 4% in premarket trading following a better-than-expected quarter and an improved financial outlook. Strong demand for Pfizer’s older drugs helped offset a drop in sales of its Covid-19-related products.

Goodyear Tire (GT) – Goodyear tumbled 8.3% in the premarket following a third-quarter earnings miss. The tire maker said its results were impacted by higher costs and a stronger U.S. dollar, although that was partially offset by higher prices.

Eli Lilly (LLY) – Eli Lilly beat top and bottom line estimates for its latest quarter, but the drugmaker’s stock fell 2.2% in the premarket as it cut its full-year forecast. Lilly is seeing a negative impact from a stronger dollar, increased cancer drug competition and lower insulin prices.

Hologic (HOLX) – Hologic rallied 7.6% in the premarket after the medical equipment maker reported better-than-expected quarterly profit and issued an upbeat outlook. Hologic said it saw “unprecedented strength” across its core businesses.

Stryker (SYK) – Stryker lost 4.9% in premarket action after the surgical equipment and medical device maker cut its financial outlook, citing the impact of inflation and a stronger U.S. dollar.

Avis Budget (CAR) – Avis Budget shares gained 3.7% in the premarket following better-than-expected quarterly earnings from the rental car giant amid continued strong travel demand.

Trex (TREX) – Trex shares tumbled 7.5% in premarket trading after the maker of decking and railing materials missed both top and bottom line estimates for its latest quarter. Trex said it reduced production levels and implemented layoffs during the quarter as it adjusted to falling sales.

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Business

This is a treacherous market filled with extreme stock moves

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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.

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Business

Stock futures are flat ahead of key unemployment report

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U.S. stock index futures were little changed during overnight trading on Thursday, ahead of Friday’s highly anticipated jobs report.

Futures contracts tied to the Dow Jones Industrial Average dipped 24 points. S&P 500 futures and Nasdaq 100 futures were flat.

Stocks finished Thursday’s session in the green, with the S&P 500 rising 0.6% to close at a new record. The Dow gained 271.58 points, or 0.78%. The Nasdaq Composite also advanced 0.78% for its fourth straight positive session.

All eyes are on Friday’s jobs report, which will show how the labor marked fared during July. Economists expect the economy to have added 845,000 jobs last month, according to estimates from Dow Jones. However the broad range of targets — from 350,000 on the low end to 1.2 million at the top — show the uncertainty that’s currently in the market.

Brad McMillan, chief investment officer at Commonwealth Financial Network, noted that the monthly readings this year have ranged from 233,000 in January to 850,000 in June. He said a print below 300,000 could be a cause for concern, while a reading between 300,000 and 400,000 would show a “reasonably healthy” economy.

“A better result would be in line with the average for the second quarter, or around 500,000 to 600,000. This would show that the recovery continues and that while the medical and labor issues are preventing further acceleration, the economy still has enough momentum to keep moving forward at a reasonable rate,” he said.

Friday’s report comes after the weekly initial claims number reported on Thursday came in at 385,000, which was in-line with expectations.

Wall Street is closely watching Friday’s jobs report given its potential to impact the Federal Reserve’s policy going forward.

“While uncertainty over monetary policy is likely to cause further bouts of volatility, we believe the Fed’s move toward tapering is unlikely to prompt a reversal of the equity rally,” noted strategists at UBS.

“Labor market slack, well anchored inflation expectations, and risks from the delta COVID-19 variant make interest rate increases before 2023 unlikely,” the firm added.

A busy week of earnings continues on Friday with several notable reports, including from Canopy Growth, AMC Networks, Draftkings, Norwegian Cruise Line and Goodyear Tire. Additionally, Berkshire Hathaway is on deck for Saturday morning.

Through Thursday afternoon 427 S&P 500 components have posted quarterly results, with 88% topping earnings estimates, according to data from Refinitiv. When it comes to revenue, 87% have exceeded expectations.

For the week, the Dow is up 0.4%. The S&P and Nasdaq are up 0.77% and 1.5%, respectively.

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