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Business

Hasbro, Salesforce, Carnival, Lockheed Martin & more

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Hasbro Inc. toys from based on “Marvel’s The Avengers” movie sit on the shelf at a Target Corp. store in Union, New Jersey, U.S., on Wednesday, Aug. 22, 2012.

Bloomberg | Bloomberg | Getty Images

Check out the companies making headlines in midday trading Tuesday.

Hasbro — Shares of the toy company dipped 2.3% after the company reported third-quarter earnings that missed expectations. CEO Chris Cocks blamed “increasing price sensitivity” among consumers and inventory gluts.

Salesforce — Salesforce shares gained 5.2% after Starboard Value revealed to CNBC that it has taken a “significant” stake in the software giant. Starboard founder Jeff Smith did not reveal the exact amount but said he sees a big opportunity after the shares fell more than 40% this year.

Carnival Corporation — Shares of the cruise company jumped more than 12% after one of Carnival’s subsidiaries began an offering of $1.25 billion of senior priority notes due 2028. The company plans to use the net proceeds of the offering to make principal payments on debt and for other general corporate expenses, according to a regulatory filing. Norwegian Cruise Line Holdings and Royal Caribbean also rose 8.8% and 7.6%, respectively, on the news.

Goldman Sachs — Goldman Sachs rallied 3% after beating third-quarter analyst expectations for profit and revenue on better-than-expected trading results. The company also announced a corporate reorganization that combines the firm’s four main divisions into three.

Target — Shares of the retailer jumped 5% after Jefferies upgraded Target to a buy from hold, saying they can rally about 20% from current levels and benefit from both an easing of supply chain issues and improved inventory positioning.

Lockheed Martin — Shares of the aerospace company jumped 8.5% after Lockheed reported third-quarter earnings of $6.87 per share excluding items, which was higher than a Refinitiv estimate of $6.66 per share.

Amazon — Amazon added 2.7% after Citi named it a top pick for both a hard and soft economic landing, saying it would perform well under either scenario.

XPO Logistics — XPO Logistics fell 1.7% after the freight transportation company released disappointing preliminary quarterly results ahead of its earnings release. The company said Monday that it expects revenue to come in lower than analysts expect, but that earnings before interest, taxes, depreciation and amortization will be higher. The company reports Oct. 31.

Nordstrom — The retailer’s shares added more than 3% after the company announced its chief financial officer, Anne Bramman, will step down in December. Nordstrom has begun its search for her successor and said accounting chief Michael Maher will serve that role in the interim.

Enviva — The wood pellet maker rose 4.7% after Raymond James said its value as a more environmentally and socially responsible energy provider is misunderstood.

 — CNBC’s Carmen Reinicke, Alex Harring and Michelle Fox contributed reporting

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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

Sears is shutting its last store in Illinois, its home state

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A shopping cart sits in the parking lot of a Sears retail store on March 22, 2017 in Schaumburg, Illinois. Sears Holdings, the parent of Kmart and Sears, Roebuck, & Co., said there is “substantial doubt” about the company’s financial viability.

Scott Olson | Getty Images News | Getty Images

The last Sears department store located in the retailer’s home state of Illinois is getting ready to close its doors for good.

The shop, located in Simon Property Group’s Woodfield Mall, is slated to shutter on Nov. 14, the company confirmed to CNBC.

A spokesman for the department store chain’s parent company, Transformco, said it will look for ways to revive the space with another tenant because it also manages the real estate.

“This is part of the company’s strategy to unlock the value of the real estate and pursue the highest and best use for the benefit of the local community,” Transformco said in a statement.

Sears Holdings, which also owned Kmart, filed for Chapter 11 bankruptcy protection in October of 2018. Transformco later acquired Sears out of bankruptcy and has since closed dozens of the remaining Sears and Kmart locations across the United States.

Kmart’s last location in Manhattan recently shut. It will be replaced by a Wegmans grocery store.

A spokesperson for Transformco declined to confirm how many Sears and Kmart stores are still open.

The company’s websites list 35 Sears locations, including the one at Woodfield Mall, and 22 Kmart stores.

Sears was founded in Chicago in the 1890s. Its business blossomed through much of the 20th century, as it sold everything from homes to apparel. Sears was once the largest retailer in the nation, boasting thousands of stores.

The company had about 700 shops, many of them barren of goods, when it filed for bankruptcy in 2018.

Scott Carr, president of Transformco’s real estate division, emphasized in a statement that the company plans to maximize the value of the Woodfield Mall property through a redevelopment.

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Business

Jim Cramer says he remains confident in U.S. economy despite Covid delta surge

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CNBC’s Jim Cramer said Wednesday he remains confident in the U.S. economy in the coming months despite the significant rise in Covid delta infections recently.

As Wall Street seeks insight into the strength of the recovery, the “Mad Money” host said he was focusing on the quarterly results of real estate investment trusts and those firms’ executives. Other areas, like housing and the auto market, have too many distortions at present, Cramer said.

“[REITS] have a lot on the line. They and their tenants need to make not short-term commitments based on Covid … but longer-term commitments based on everything, and these companies are telling us that they’re going pedal to the metal right now in terms of sign-ups,” Cramer said.

“It’s one of the best environments in history for retail real estate. From Kimco for strip malls, Tanger for factory outlets, Simon Property for malls, Federal Realty for shopping center, well, it’s all good,” Cramer said, noting Federal Realty just raised its 2021 earnings guidance Wednesday evening when it reported second-quarter results.

Cramer also pointed to comments earlier this week from Simon Property Group CEO David Simon, who told analysts retail sales at its properties this June were equal June 2019 levels.

 “When Tanger, the outlet company, reported yesterday they felt compelled to dramatically raise their guidance. Again, you don’t bump the full-year forecast unless you’re feeling confident,” Cramer said.

The aforementioned REITs all deal with various types of tenants, Cramer said, contending it’s “encouraging” for investors that management is positive about the next year even at a time when others are uncertain about the economic outlook. Consumer spending is large portion of U.S. economic activity.

“When so many different kinds of retailers are predicting a healthy consumer environment that’s getting stronger, not weaker, by the day, the week, the month and the year, who are we to say they’re wrong?” Cramer said. “I know these Covid numbers are scary … but the people who take the virus seriously are already immunized and the people who don’t take it seriously won’t change their behavior even in the middle of a serious outbreak, which means the economy should end up being fine, if not stronger than we think.”

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Business

Robinhood, Clorox, American Airlines and more

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People wait in line for t-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after the company went public with an IPO earlier in the day on July 29, 2021 in New York City.

Spencer Platt | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.

Robinhood — Shares of the newly public stock-trading app rose over 16% in midday trading on Tuesday. Robinhood rose above its IPO price of $38 per share, to trade above $44 per share. ARK Invest’s Cathie Wood has been buying shares of HOOD since its IPO. The Menlo Park, California-based company is a “top traded stock” on Fidelity, which is generally a good proxy for individual investor interest on a given day.

Take-Two Interactive Software  — The video game company’s share price dropped about 9% after the firm issued a weak outlook and announcing delays in new releases for some of its games. Still, Take-Two Interactive’s quarterly earnings and revenue both came in above estimates, according to Refinitiv.

American Airlines – Shares of the airline company dipped more than 2% as a jump in Covid cases weighed on areas of the market that could be hit hardest by new lockdown measures. The company has also faced disruptions from inclement weather and staffing constraints. United Airlines and Delta Air Lines also traded lower on Tuesday.

Alibaba — The Chinese e-commerce giant saw its shares fall about 2% after reporting a revenue miss. Alibaba notched revenue of $31.8 billion in the three months to the end of June, missing estimates of around $32.4 billion, according to the FactSet consensus.

Simon Property Group — Shares of the U.S. mall owner rose over 2% after the company’s strong quarterly earnings report. Simon Property posted revenue of $1.16 billion, compared with the $1.14 billion that analysts expected, according to Refinitiv. The company said sales at its shopping malls and outlet centers bounced back to pre-pandemic levels in its latest fiscal quarter.

Royal Caribbean – Royal Caribbean shares came under pressure and slid more than 2% amid concerns about a rise in Covid cases. Last week the company said that six passengers on board one of its cruises tested positive for Covid. Norwegian Cruise and Carnival Corporation dipped 2.6% and 1.5%, respectively.

Under Armour — Shares of Under Armour gained about more than 6% after the athletic apparel retailer’s second-quarter earnings and sales topped analysts’ estimates. The company reported adjusted earnings of 24 cents per share on revenue of $1.35 billion. Analysts expected earnings of 6 cents per share on revenue of $1.21 billion, according to Refinitiv. Under Armour also hiked its revenue outlook.

Clorox – Clorox sunk more than 10% after the household products maker missed top and bottom line estimates for its latest quarter. Clorox reported adjusted earnings of 95 cents per share on revenue of $1.8 billion. Analysts were looking for earnings $1.35 per share on revenue of $1.92 billion, according to Refinitiv. Clorox’s sales dropped off from a year ago during the height of the pandemic when consumers stocked up on its cleaning and disinfecting products.

Eli Lilly — Shares of the pharmaceutical company rose over 4% despite missing analyst earnings estimates in its quarterly report. Eli Lilly reported earnings of $1.87 per share, below the $1.89 per shares expected on The Street. Revenue topped estimates.

— with reporting from CNBC’s Yun Li, Hannah Miao and Pippa Stevens.

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