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 be ready to take advantage of good deals.

“Ultimately, you’re just going to feel sorry if you don’t buy anything on the big sell-offs. When the market finally gets oversold enough, though, that’s when you have to pounce,” Cramer said.

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

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

Cramer said he was looking ahead to the consumer price index release next week, along with expected speeches from Cleveland Fed President Loretta Mester that could further shake the market.

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

Monday: BioNTech, Take-Two Interactive

BioNTech

  • Q3 2022 earnings release at 5 a.m. ET; conference call at 8:00 a.m. ET
  • Projected EPS: $3.34
  • Estimated revenue: $2.02 billion

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

Take-Two Interactive

  • Q2 2023 earnings at 4:05 PM ET; conference call at 4:30 PM ET
  • Projected EPS: $1.37
  • Estimated revenue: $1.55 billion

Cramer said it’s an injustice for the company to be known as a pandemic play.

Tuesday: GlobalFoundries, Disney, AMC Entertainment

GlobalFoundries

  • Q3 2022 earnings release ahead of the clock; conference call at 8:30 a.m. ET
  • Projected EPS: 62 cents
  • Estimated revenue: $2.05 billion
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He said he was interested to know if the chip shortage would improve before the economy took a turn.

Disney

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

The Charitable Trust is ready to buy more shares of Disney if it comes down enough, Cramer said.

AMC Entertainment

  • Q3 2022 earnings release at 4:15 PM ET; conference call at 5:00 PM ET
  • Projected loss: 22 cents per share
  • Estimated revenue: $961 million

He said that while AMC could turn a profit in its latest quarter, he wouldn’t bet on it.

Wednesday: Wynn Resorts

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

Cramer said his charitable trust is holding onto the stock.

Thursday: Compass, Matterport, Toast

Compass

  • Q3 2022 earnings release after the clock; conference call at 5:00 PM ET
  • Projected loss: 29 cents per share
  • Estimated revenue: $1.45 billion
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Matterport

  • Q3 2022 earnings release after closing; conference call at 4:30 PM ET
  • Projected loss: 13 cents per share
  • Estimated revenue: $36 million

“The age of excess allowed everyone and anything to be publicized, so they did,” Cramer said of Compass and Matterport.

Toast

  • Q3 2022 earnings release at 4:05 PM ET; conference call at 5:00 PM ET
  • Projected loss: 8 cents per share
  • Estimated revenue: $720 million

Toast has a good product, but a good product doesn’t necessarily make for a good stock, Cramer 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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