What we are looking at July 22, 2022 Snap (SNAP) shares plunged more than 30% in the premarket after a miserable quarter that was worse than feared — even after warning in May … Twitter (TWTR) posted a weaker-than-expected quarter too, but there has been another major distraction there. These social media stocks are getting punished for bad quarters, but why not wait to see to what the industry titans Meta Platforms (META) and Alphabet (GOOGL) have to say next week in their earnings calls before completing writing the group off? Verizon (VZ) is down after missing estimates and lowers its full year outlook … this follows AT & T (T), which warned yesterday of extended cash collection cycles impacting cash flow. Schlumberger (SLB) reported much better-than-expected quarter with EPS of $0.50 vs. $0.39 consensus … raised full year revenue outlook to at least $27 billion vs. $25.71 billion expected by Street. Club name Halliburton (HAL) also posted a strong quarter earlier this week and made the case for more good times ahead … don’t judge this group by Baker Hughes (BKR), which missed on top and bottom lines this week, citing various challenges including supply chain inflation. American Express (AXP) beat on both lines and reaffirms full year guidance … record spend driven by travel and entertainment. Shares popped more than 4% in the premarket. Mining company Cleveland-Cliffs (CLF) with a surprise earnings miss of $1.13 versus $1.31 expected. Nucor (NUE) had the better quarter. Boston Beer (SAM) is down 10% as its bet on hard seltzer continues to plague earnings. We prefer Constellation Brands (STZ), a Club holding, because its Mexican beer portfolio has momentum this summer. Micron (MU) downgraded to underweight by Morgan Stanley, which says stock has rallied but industry conditions have worsened. Club name Danaher (DHR) price target increased to $317 from $301 by RBC after Thursday’s blowout quarter . Paramount (PARA) downgraded to sell from hold at MoffettNathanson. Intuitive Surgical (ISRG) misses on the top and bottom lines. It’s been a spotty earnings season so far for medical devices. (Jim Cramer’s Charitable Trust is long DHR, GOOGL, HAL, META, STZ. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Co-founder and CEO of Snap Inc. Evan Spiegel attends the Viva Technology conference dedicated to innovation and startups, at the Porte de Versailles exhibition center in Paris, France June 17, 2022.
Benoit Tessier | Reuters
What we are looking at July 22, 2022
- Snap (SNAP) shares plunged more than 30% in the premarket after a miserable quarter that was worse than feared — even after warning in May … Twitter (TWTR) posted a weaker-than-expected quarter too, but there has been another major distraction there. These social media stocks are getting punished for bad quarters, but why not wait to see to what the industry titans Meta Platforms (META) and Alphabet (GOOGL) have to say next week in their earnings calls before completing writing the group off?
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