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Business

Jim Cramer says to avoid stocks in the ‘house of pain’ Nasdaq 100 index

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CNBC’s Jim Cramer on Wednesday warned investors to avoid the stocks in the Nasdaq 100 and highlighted the worst-performing stocks during the third quarter.

“These seven biggest losers from the third quarter are simply representative of the House of Pain the index has become. By the way, if you’re living in a house of pain, you should move,” he said.

Cramer acknowledged that there are a few stocks in the index that he believes are still great, but maintained that the index is ultimately filled with “woe and hurt.”

Here are his quick takes on the index’s biggest losers:

1. Okta

Cramer said that the current environment is “brutal” for the company, and he doesn’t believe that’ll change anytime soon.

2. Charter Communications

He said on Tuesday that while the company is profitable, its lack of growth means that its stock is going nowhere.

3. Zoom

Cramer said that the company’s earnings momentum is too low and the company’s market capitalization is too high. “You don’t pay $22 billion for a one-trick pony,” he said.

4. Match

“Those guys suffer from an inability to forecast, a problem that seems to afflict the whole dating industry,” he said.

5. Intel

The company is likely struggling with the slowing personal computer market, he said.

6. Comcast

Cable companies are struggling because the market wants no part in it, Cramer said.

7. Adobe

Cramer said that while he believes Adobe’s a “fantastic” company, the bears have no patience for software firms with slowing growth rates.

Disclosure: CNBC is owned by Comcast’s NBCUniversal. 

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Business

PayPal, Airbnb, Match Group, Caesars and more

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A sign is posted outside of the PayPal headquarters in San Jose, California.

Justin Sullivan | Getty Images

Check out the companies making headlines in extended trading.

Match Group — Shares of the dating app operator tumbled as much as 23% after the company reported revenue of $795 million for the second quarter, compared with FactSet estimates of $803.9 million. Match also issued weak guidance around adjusted operating income and revenue for the current quarter.

Solaredge Technologies – The solar-power stock tanked nearly 13% in after-hours trading following disappointing quarterly results. Solaredge reported an EPS of 95 cents, below analysts’ expectation of 88 cents per share, according to FactSet. Revenue also came in shy of estimates.

PayPal — The payments giant’s shares soared 11% after hours following stronger-than-expected second-quarter results and an increase in its forecast. PayPal also revealed it has entered into an information-sharing agreement with Elliott Management.

SoFi — Shares climbed more than 7% after the personal finance company reported a beat on the top and bottom lines. “While the political, fiscal, and economic landscapes continue to shift around us, we have maintained strong and consistent momentum in our business,” SoFi CEO Anthony Noto said in a statement.

Airbnb — Shares of Airbnb fell about 10% in extended trading after the vacation home rental company posted weaker-than-expected revenue for the second quarter. The company also reported more than 103 million booked nights and experiences, the largest quarterly number ever for the company but short of StreetAccount estimates of 106.4 million.

Advanced Micro Devices — AMD’s shares fell nearly 5% despite reporting strong quarterly earnings and revenue, after the chipmaker issued a weaker-than-anticipated third-quarter forecast. The chipmaker said it expected $6.7 billion in revenue during the current quarter, plus or minus $200 million. Analysts expected $6.83 billion.

Caesars Entertainment — The casino company lost about 2% after it reported a quarterly loss of 57 cents per share, which was 74 cents lower than analysts had expected. It also reported a Caesars Digital loss of $69 million, compared with $2 million for the comparable prior-year period.

Robinhood — Robinhood slid about 2% after reporting it will cut its headcount by some 23%, after previously laying off 9% in April, and posting a decline in monthly active users and assets under custody for the second quarter. The investing app operator released its results a day ahead of schedule.

Starbucks — The coffee chain saw shares edge higher by more than 2% after it reported better-than-expected quarterly results, despite lockdowns in China weighing on its performance. Within the U.S., however, net sales rose 9% to $8.15 billion and same-store sales grew 3%.

— CNBC’s Sarah Min and Yun Li contributed reporting.

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Business

Carnival, Nike, Match and more

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The Carnival Cruise Ship ‘Carnival Vista’ heads out to sea in the Miami harbor entrance known as Government Cut in Miami, Florida June 2, 2018.

RHONA WISE | AFP | Getty Images

Check out the companies making headlines in midday trading.

Carnival — Carnival shares rose 4% after the cruise line said voyages for the third quarter were cash flow positive and expects this to continue. Shares of Norwegian Cruise Line gained 3.2% and Royal Caribbean added 3%.

Match Group — Shares of Match Group rose 3.6% after the online dating platform announced on Thursday that it will sell shares of its common stock in a registered direct offering. The price per share and number of shares of common stock issued will be calculated by a volume-weighted average price during a five-day averaging period starting Friday, the company said.

Merck — Shares of the pharmaceutical giant rose 1.2% on Friday after Merck and AstraZeneca announced that treatment using the drug Lynparza showed positive results in a phase-three trial. The trial results suggest that the treatment slows the progression of prostate cancer and show a trend toward increased survival, the companies said.

Nike — The apparel stock fell more than 6% after Nike cut its full-year guidance for sales growth. The company said supply chain issues in Vietnam were slowing sales. Nike now projects mid-single-digit revenue growth for its 2022 fiscal year, down from prior guidance of low-double-digit growth.

Costco — Shares of the retailer jumped more than 2% following Costco’s fourth-quarter results. The company beat top- and bottom-line estimates during the quarter, earning $3.90 per share excluding items on $62.68 billion in revenue. Analysts surveyed by Refinitiv were expecting $3.57 per share on $61.3 billion in revenue.

Salesforce — Salesforce extended its Thursday gains, rising 2.2% after Piper Sandler upgraded the stock to overweight from neutral, saying it’s confident the company could see “a multi-year period of multiple and profit expansion.” The stock jumped on Thursday after the software company raised its full-year 2022 revenue guidance.

Coinbase — Shares of the cryptocurrency exchange slid about 1.6% even after Needham reiterated the stock as a buy. Cryptocurrencies plunged Friday morning on news that China is issuing yet another crypto crackdown. Coinbase derives 90% of its revenue from retail transactions, which is highly correlated with crypto asset prices, according to Needham, so its stock price tends to move in tandem with cryptocurrencies.

Cheesecake Factory, Dave & Buster’s — Cheesecake Factory and Dave & Buster’s added 4.4% and 5.2%, respectively, after Jefferies upgraded the restaurant stocks to buy from hold. “We are incrementally more positive on the full service category following delta/inflation sell-off and exuberant Consensus forecasts reigned in,” Jefferies said.

Roku — Roku shares fell 3.8% after Wells Fargo downgraded the video streaming platform to equal weight from overweight. Wells Fargo said rising competition makes expectations for Roku’s revenue growth likely too high.

— CNBC’s Jesse Pound, Pippa Stevens and Tanaya Macheel contributed reporting

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Business

Netflix, Boeing, State Street and more

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Mario Tama | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.

Spotify — The streaming company saw shares rise 2.8% after KeyBanc upgraded Spotify to overweight from sector weight. The firm said in a note to clients that the company was still showing faster growth than potential competitors.

Terminix — Terminix added 1% after Bank of America double upgraded the stock to buy from underperform. Bank of America said the pest control stock’s weakness this year creates a “solid buying opportunity,” while it sees a “positive risk-reward” today.

Boeing — Shares of the aircraft maker slipped 2%, dragging on the Dow, after Ryanair ended talks over a purchase of 737 MAX 10 jets. The deal would have been worth tens of billions of dollars, Reuters reported.

Match Group — The online dating company’s stock jumped 6.6% after announcement that Match will be added to the S&P 500 benchmark. As of Sept. 20, Match Group will replace Perrigo Company in the large-cap equity index.

Netflix — Shares of the streaming service gained about 3.3% after Atlantic Equities hiked its price target on it to $780 from $690, the highest among major Wall Street analysts and 32% above where the stock closed on Friday. Atlantic raised its subscriber projections for 2024 and said it expects Netflix to have 311 million subscribers in 2025, compared with 209 million at the end of the second quarter.

Coinbase — The crypto services company’s stock dropped 3.9% as the price of bitcoin plummeted about 10% on the day it became legal tender in El Salvador – though the rollout didn’t go smoothly, with the country disconnecting its government-run bitcoin wallet early in the morning for software enhancements. The same day, $800 million worth of derivatives that were long on bitcoin were liquidated, according to Glassnode. Coinbase stock trades in tandem with the bitcoin price.

State Street — The financial firm saw shares fall roughly 4% after announcing its plans to acquire Brown Brothers Harriman & Co. for $3.5 billion in cash, including its including its custody, accounting, fund administration, global markets and technology services. The deal is expected to close at the end of the year.

PPG Industries — Shares of the paint maker dropped 3% after the company warned of supply chain disruptions and higher input costs that could weigh on sales this quarter. The company said it expects third-quarter sales to be $275 million, lower than the company’s forecast at the start of the quarter by about $225 million.

Johnson & Johnson, Merck, Amgen — Large-cap pharmaceutical stocks fell after Morgan Stanley downgraded them, saying they have limited upside. The firm changed its ratings on Johnson & Johnson, Merck and Amgen to equal weight from overweight. The stocks fell about 1.7%, 2% and 2.4%, respectively.

 — CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound and Yun Li contributed reporting

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Business

Match shares soar on news it will join S&P 500

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The Match dating application is displayed on an Apple iPhone in an arranged photograph.

Andrew Harrer | Bloomberg | Getty Images

Shares of Match Group rose more than 8% after hours, following news that the company is joining the S&P 500.

As of Sept. 20 the online-dating company will replace Perrigo Company, which is slated to join the S&P MidCap 400, S&P Dow Jones Indices announced in a release Friday.

Match Group, which is based in Dallas, owns several dating companies in addition to Match, including Hinge, Tinder and OKCupid. With the after-hours gains, Match shares are up more than 50% since the company completed its spinout from IAC in July 2020.

Earlier this week, CEO Shar Dubey told employees in a memo that she would create a personal fund to support Texas workers and dependents affected by the state’s latest abortion law, CNBC reported.

The company’s market cap currently stands at more than $40 billion.

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Technology

Apple faces antitrust probe in the UK over App Store policies

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A person holds a smartphone in front of ‘Available on the App Store’ words and the Apple logo.

Pavlo Gonchar | SOPA Images | LightRocket via Getty Images

LONDON — The U.K.’s competition regulator on Thursday launched an antitrust investigation into Apple.

The Competition and Markets Authority said it would investigate Apple over complaints from software developers about the tech giant’s App Store.

Apple only lets developers release iPhone and iPad apps through its iOS smartphone platform. The firm has a rigorous approval process for iOS apps and has faced criticism about an up to 30% fee it charges on in-app transactions.

“Millions of us use apps every day to check the weather, play a game or order a takeaway,” said Andrea Coscelli, chief executive of the CMA.

“Complaints that Apple is using its market position to set terms which are unfair or may restrict competition and choice — potentially causing customers to lose out when buying and using apps — warrant careful scrutiny.”

Shares of Apple were down 0.5% in premarket trading Thursday. Tech shares were clobbered Wednesday amid concerns on Wall Street over rising U.S. bond yields.

Britain’s competition probe into Apple follows similar moves from the European Union. Last year, the EU Commission launched antitrust investigations into Apple’s App Store rules and its Apple Pay mobile wallet. The CMA said it would continue to coordinate closely with the EU and other regulators, despite Britain having formally left the bloc last year.

An Apple spokesperson said the firm would work with the CMA to address its concerns.

“We believe in thriving and competitive markets where any great idea can flourish,” the spokesperson said.

“The App Store has been an engine of success for app developers, in part because of the rigorous standards we have in place — applied fairly and equally to all developers — to protect customers from malware and to prevent rampant data collection without their consent.”

Big Tech clampdown

Large U.S. tech companies are facing mounting antitrust scrutiny from regulators around the world. The EU is looking to clamp down on Big Tech with sweeping digital markets and services reforms. The U.K., meanwhile, has plans of its own to introduce new digital rules.

Epic Games, creator of the popular video game Fortnite, has been particularly vocal in its criticism of Apple. Epic claims the iPhone maker’s App Store rules are anti-competitive and has particularly taken issue with the 30% cut that Apple takes from developers for in-app purchases.

Last month, Epic filed an antitrust complaint against Apple with the EU. It’s filed similar lawsuits with competition regulators in the U.S., Australia and the U.K.

Epic’s fight with Apple began after it released an updated version of Fortnite that allowed players to bypass Apple’s payment system to buy digital goods. Apple subsequently delisted the game, which was met with legal action from Epic hours later. Google was also sued by Epic after it removed the Android version of Fortnite.

Spotify and Match Group have also complained about Apple’s policies.

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