Be ready to ‘pounce’ when the market is oversold

CNBC’s Jim Cramer warned investors on Friday not to let their guard down when it comes to their portfolios and to be ready to take advantage of good deals.

“Ultimately, if you don’t buy anything on a big selloff you’re going to have to worry. When the market finally sells off enough, though, you’re going to have to jump,” Cramer said.

Stocks gained on Friday but ended a volatile week lower, with losses buoyed by stronger-than-expected economic data, the Federal Reserve’s 75 basis point rate hike and its hawkish rhetoric on inflation.

“We’re in a tremendously emotional moment that has a lot to do with how individual companies are performing and what Wall Street expects of them. The bottom line? Until these expectations come down, you shouldn’t feel safe in anything,” he said.

Cramer said he was looking for next week’s consumer price index release, along with speeches from Cleveland Fed President Loretta Mester, to further move the market.

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

Monday: BioNTech, Take-Two Interactive

BioEntech

  • Q3 2022 earnings release at 5 a.m. ET; conference call at 8 a.m. ET
  • Estimated EPS: $3.34
  • Estimated revenue: $2.02 billion

Investors bullish on BioNTech should keep their fingers crossed that China has ordered “more than a billion” of Covid-19 vaccines, he said.

Take-Two is interactive

  • Q2 2023 earnings at 4:05 pm ET; Conference call at 4:30 pm ET
  • Estimated EPS: $1.37
  • Estimated revenue: $1.55 billion

Cramer said it’s unfair to label the company as a pandemic play.

Tuesday: GlobalFoundries, Disney, AMC Entertainment

Global Foundries

  • Q3 2022 Earnings Release Before Hour; Conference call at 8:30 am ET
  • Estimated EPS: 62 cents
  • Estimated revenue: $2.05 billion

He said he was interested to see if the chip shortage would improve before the economy took a turn for the worse.

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Disney

  • Q4 2022 earnings release at 4:05 pm ET; Conference call at 4:30 pm ET
  • Estimated EPS: 55 cents
  • Estimated revenue: $21.28 billion

Cramer said the charitable trust is willing to buy more shares if Disney declines enough.

AMC Entertainment

  • Q3 2022 earnings release at 4:15 pm ET; conference call at 5 pm ET
  • Estimated loss: 22 cents per share
  • Estimated revenue: $961 million

He said he wouldn’t bet on AMC turning a profit in its latest quarter.

Wednesday: Wine resorts

  • Q3 2022 earnings release at 4 pm ET; Conference call at 4:30 pm ET
  • Estimated loss: $1.14 per share
  • Estimated revenue: $871 million

Cramer says his charitable trust is sticking with the stock.

Thursday: Compass, Matterport, Toast

the compass

  • Q3 2022 Earnings Release After Bell; conference call at 5 pm ET
  • Estimated loss: 29 cents per share
  • Estimated revenue: $1.45 billion
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Matterport

  • Release after Q3 2022 earnings close; Conference call at 4:30 pm ET
  • Estimated loss: 13 cents per share
  • Estimated revenue: $36 million

“The high age allowed everyone and anything to come out in the open, so they did,” Cramer said of Compass and Matterport.

Toast

  • Q3 2022 earnings release at 4:05 pm ET; conference call at 5 pm ET
  • Estimated loss: 8 cents per share
  • Estimated revenue: $720 million

Toast has good product, but good product doesn’t necessarily make good stock, Kramer said.

Disclaimer: Cramer’s Charitable Trust owns shares of Disney and Wynn Resorts.

Cramer's game plan for the trading week of November 7

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