Be ready to ‘pounce’ when the market is oversold

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

“Finally, 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 need to pounce,” Cramer said.

Stocks rallied 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 time 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 torn down, you shouldn’t feel . safe from anything,” he said.

Cramer said he is watching for the release of the consumer price index next week, as well as the scheduled speech from Cleveland Fed President Loretta Mester that could further shake 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

BioNTech

  • Q3 2022 earnings release at 5 am ET; conference call at 8 am ET
  • Expected EPS: $3.34
  • Projected revenue: $2.02 billion

Investors optimistic about BioNTech should cross their fingers that the company reported that China has ordered “over a billion” Covid-19 vaccines, he said.

Take-Two interactive

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

Cramer said that it is an injustice that the company is known as a pandemic play.

Tuesday: GlobalFoundries, Disney, AMC Entertainment

GlobalFoundries

  • Q3 2022 earnings release before the bell; conference call at 8:30 am ET
  • EPS forecast: 62 cents
  • Projected revenue: $2.05 billion
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He said he is interested in knowing if the chip shortage will get better before the economy takes a turn for the worse.

Disney

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

The charitable trust is ready to buy more Disney stock if it drops enough, Cramer said.

AMC Entertainment

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

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

Wednesday: Wynn Resorts

  • Q3 2022 earnings release at 4 pm ET; conference call at 4:30 pm ET
  • Loss projection: $1.14 per share
  • Projected revenue: $871 million

Cramer said his Charitable Trust is sticking with the stock.

Thursday: Compass, Matterport, Toast

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Compass

  • Q3 2022 earnings release after the bell; conference call at 5 pm ET
  • Loss projection: 29 cents per share
  • Projected revenue: $1.45 billion

Matterport

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

“The era of excess allowed everyone and anything to become public, 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
  • Loss projection: 8 cents per share
  • Projected 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 Nov. 7 trading week

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