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    New York judge holds Donald Trump in contempt for failing to comply with subpoena for business documents

    A New York judge held former President Donald Trump in contempt of court for failing to comply with a subpoena for business documents related to an investigation by the state attorney general’s office.
    Trump will have to pay $10,000 per day for as long as he fails to comply with the subpoena.
    The contempt finding in a Manhattan courtroom came after a more than two-hour hearing in which lawyers for New York Attorney General Letitia James blasted Trump for dragging his feet in turning over the demanded documents.
    James is investigating the Trump Organization over allegations that it improperly manipulated the stated values of various real estate assets to obtain more favorable financial terms for loans and insurance coverage, and to lower their taxes.

    A New York judge held former President Donald Trump in contempt of court Monday for failing to comply with a subpoena for business documents related to a civil investigation by the state attorney general’s office of his company.
    Trump will have to pay $10,000 per day for as long as he fails to comply with the subpoena.

    The contempt finding by Judge Arthur Engoron in Manhattan Supreme Court came after a more than two-hour hearing in which lawyers for New York Attorney General Letitia James blasted Trump for dragging his feet in turning over the demanded documents.
    James is investigating the Trump Organization over allegations that it improperly manipulated the stated values of various real estate assets to obtain more favorable financial terms for loans and insurance coverage, and to lower their taxes.
    “Mr. Trump … I know you take your business seriously, and I take mine seriously. I hereby hold you in civil contempt,” Engoron said, although Trump was not in the courtroom, Reuters reported.

    Anti-Trump demonstrators gather outside of the New York County Supreme Court in New York City, U.S., April 25, 2022. 
    David Dee Delgado | Reuters

    Engoron cited Trump’s “repeated failures” to turn over material sought by James’ investigators.
    The fine associated with the contempt order immediately takes effect.

    James promptly tweeted. “Today, justice prevailed.”
    “For years, Donald Trump has tried to evade the law and stop our lawful investigation into him and his company’s financial dealings,” James later said in a statement.
    “Today’s ruling makes clear: No one is above the law.”
    Trump’s lawyer in the case, Alina Habba, in a statement said he would appeal the contempt finding.
    “We respectfully disagree with the court’s decision,” Habba said. “All documents responsive to the subpoena were produced to the attorney general months ago. The only issue raised by the attorney general at today’s hearing was with an affidavit submitted which copied the form mandated by the attorney general.”
    “This does not even come close to meeting the standard on a motion for contempt and, thus, we intend to appeal,” she said.
    Habba had told Engoron during Monday’s hearing that Trump did not deserve to be held in contempt, saying the Trump Organization was “right on schedule” with turning over documents sought by the attorney general.
    Habba also called the probe by the Democrat James “a political crusade,” echoing criticism of the investigation by the Republican Trump.
    Last week, Habba said in a legal filing that a search of records found that Trump “was not in possession of any documents responsive to the Subpoena and that all potentially responsive documents were in the possession, custody or control of the Trump Organization.”

    Anti-Trump demonstrators gather outside of the New York County Supreme Court in New York City, U.S., April 25, 2022. 
    David Dee Delgado | Reuters

    James had asked Engoron on April 7 to hold Trump in contempt of court, saying the ex-president had failed to meet a March 31 deadline for giving her investigators documents pursuant to the subpoena. Trump already had received a nearly month-long extension of the original deadline for that subpoena.
    “The judge’s order was crystal clear: Donald J. Trump must comply with our subpoena and turn over relevant documents to my office,” James said in a statement.
    “Instead of obeying a court order, Mr. Trump is trying to evade it. We are seeking the court’s immediate intervention because no one is above the law.”
    Trump is appealing another order by Engoron that he answer questions under oath by James’ investigators.
    – Additional reporting by Kevin Breuninger

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    Are emerging economies on the verge of another “lost decade”?

    EMERGING ECONOMIES hoping to grow their way into the ranks of the rich have faced a seemingly never-ending series of setbacks in recent years. Trade tensions, a pandemic, supply-chain snarls, inflation and war have together dealt them serious blows. Over the past three years more than half the population of the emerging world lived in countries where income growth, on a purchasing-power-parity basis, lagged behind that in America—the first such episode since the 1980s.The IMF forecasts that economic output across emerging markets will expand by 3.8% this year and 4.4% in 2023, figures that have been revised down sharply since last year and which fall short of the 5% average annual rate in the decade before covid-19. As the contours of the post-pandemic landscape come into focus, a lost decade—a period of slow growth, recurring financial crises and social unrest—for the world’s poorer countries looks increasingly plausible.Emerging economies have experienced tough times before. In the 1960s and 1970s they enjoyed a period of relative prosperity, which fed optimism about the prospects for the world’s poor. But the good times were followed by what William Easterly of New York University described as the lost decades of the 1980s and 1990s. Over the ten years to 1990, annual growth in GDP per person in the median emerging economy fell below zero (see chart 1). From the late 1990s onwards a new boom began, which reset expectations about the economic potential of the developing world. More recently, though, the pendulum has swung back again, and growth has proved harder to come by. Emerging markets face structural impediments, such as financial woes and changing trade patterns, that are reminiscent of those that confronted them in the 1980s and 1990s.Financial pressures pose the most acute threat. In the early 1980s the Federal Reserve raised interest rates dramatically as it sought to tame inflation. For poor economies that had borrowed heavily in the preceding years, the ensuing tightening in financial conditions and strengthening of the dollar were too much to bear. Waves of debt and banking crises followed.Some of those conditions seem familiar today. Both public and private debt in the emerging world rose steadily as a share of GDP during the 2010s, and rocketed during the pandemic. Public-debt ratios across middle-income economies now stand at record highs, and indebtedness in the poorest countries has risen towards the debilitating levels of the 1990s. Of the world’s 70-odd low-income countries, more than 10%, including Chad and Somalia, already face unsustainable debt burdens. Another 50%, including Ethiopia and Laos, are at high risk of attaining such status, according to the World Bank. A decade ago only about a third of poor countries were in, or at high risk of, debt distress.Russia’s invasion of Ukraine has fuelled surges in food and energy costs. Wheat and oil are both about 50% more expensive than they were a year ago. For importing countries this increases the fiscal costs of food and energy subsidies, drains hard-currency reserves and weighs on economic growth. Rising prices also intensify pressure on central banks in the rich world to tighten monetary policy. Investors expect the Fed to raise its benchmark interest rate by nearly three percentage points in 2022; that would be the largest rate rise in a single year since the early 1990s. Add in the effect of a shrinking Fed balance-sheet, and the tightening this year could be the most dramatic since the 1980s.Markets are already heaping pressure on vulnerable emerging economies. As capital flows to America to take advantage of higher rates, the dollar is strengthening: it is up by more than 10% over the past year. Funding costs in the emerging world are rising with it. The yield on the hard-currency debt of the median emerging economy has risen by more than a third since the summer. The share of issuers with bonds trading at distressed levels has more than doubled, to just over a fifth, according to the IMF. That includes Ukraine, but also Egypt and Ghana.More countries will probably follow the lead of Sri Lanka, which on April 12th defaulted on its hard-currency government debt. Nonetheless, the systemic crises that were a feature of the previous lost decades may be avoided. Many middle-income economies have bolstered their financial defences, by beefing up foreign-exchange reserves, for instance. Investors have become more discerning, reducing the risk of wider contagion. The bigger worry instead is that debt loads will hit growth, by limiting governments’ room to cut taxes and invest in education and infrastructure. Local banks that have lent heavily to governments may find their capacity to lend to private borrowers impaired if the bonds they hold lose value. Home-country government debt now makes up about 17% of bank assets across emerging economies, up from 13% in the early 2010s and well above the 7.5% average in rich countries.Another headwind comes from global trade. Developing economies’ fortunes have long risen and fallen in line with it. From 1960 to 1980, goods trade as a share of world GDP doubled from 9% to 18%; during the lost decades, by contrast, it stagnated. Trade then soared again as global supply chains expanded across East and South-East Asia in particular. But that interconnectedness is once more at risk. Geopolitical tensions, national campaigns for self-sufficiency and concerns about supply-chain reliability may weigh on trade, reducing poor economies’ opportunities to borrow technology and know-how from foreign firms, and sell to the rich world.The global economy will also suffer from the sputtering of the largest emerging market of them all, and the world’s primary growth engine: China. Between 1970 and 2000 America and Europe accounted for nearly half of global GDP growth. The sharp and sustained slowdown in rich-world growth that began in the 1970s thus weighed heavily on the global economy and the prospects for the emerging world. Fortunes turned in the 2000s, however, as an explosive expansion in China led it to contribute more to global growth than America and Europe combined. A modest deceleration in China, to GDP growth rates of around 5%, would not doom the global economy to stagnation. Draconian covid lockdowns, a protracted property-market bust and the potential costs of geopolitical misadventures, however, could do great damage.Some emerging markets stand to benefit from an era of stagnation. Firms wary of dependence on China could move production to other low-cost places. Rich countries hoping to prevent poorer ones from drawing closer to Russia and China could lower trade barriers and increase investment abroad, boosting growth prospects in the process. High commodity prices, while they last, will buoy the fortunes of food, energy and metals exporters.Overall, however, the higher debts and forgone investment in human and physical capital of the past few years will take a heavy toll. The IMF forecasts that GDP across the emerging world will remain some 6% below its pre-pandemic trend at the end of 2024. (By comparison, GDP in most of the rich world is expected to be less than 1% below trend.) Without bold initiatives to lower debt burdens, invest in public goods and expand trade, such a dismal performance might be just a taste of what is to come.For more expert analysis of the biggest stories in economics, business and markets, sign up to Money Talks, our weekly newsletter. More

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    Are emerging economies on the verge of another lost decade?

    EMERGING ECONOMIES hoping to grow their way into the ranks of the rich have faced a seemingly never-ending series of setbacks in recent years. Trade tensions, a pandemic, supply-chain snarls, inflation and war have together dealt them serious blows. Over the past three years more than half the population of the emerging world lived in countries where income growth, on a purchasing-power-parity basis, lagged behind that in America—the first such episode since the 1980s.The IMF forecasts that economic output across emerging markets will expand by 3.8% this year and 4.4% in 2023, figures that have been revised down sharply since last year and which fall short of the 5% average annual rate in the decade before covid-19. As the contours of the post-pandemic landscape come into focus, a lost decade—a period of slow growth, recurring financial crises and social unrest—for the world’s poorer countries looks increasingly plausible.Emerging economies have experienced tough times before. In the 1960s and 1970s they enjoyed a period of relative prosperity, which fed optimism about the prospects for the world’s poor. But the good times were followed by what William Easterly of New York University described as the lost decades of the 1980s and 1990s. Over the ten years to 1990, annual growth in GDP per person in the median emerging economy fell below zero (see chart 1). From the late 1990s onwards a new boom began, which reset expectations about the economic potential of the developing world. More recently, though, the pendulum has swung back again, and growth has proved harder to come by. Emerging markets face structural impediments, such as financial woes and changing trade patterns, that are reminiscent of those that confronted them in the 1980s and 1990s.Financial pressures pose the most acute threat. In the early 1980s the Federal Reserve raised interest rates dramatically as it sought to tame inflation. For poor economies that had borrowed heavily in the preceding years, the ensuing tightening in financial conditions and strengthening of the dollar were too much to bear. Waves of debt and banking crises followed.Some of those conditions seem familiar today. Both public and private debt in the emerging world rose steadily as a share of GDP during the 2010s, and rocketed during the pandemic. Public-debt ratios across middle-income economies now stand at record highs, and indebtedness in the poorest countries has risen towards the debilitating levels of the 1990s. Of the world’s 70-odd low-income countries, more than 10%, including Chad and Somalia, already face unsustainable debt burdens. Another 50%, including Ethiopia and Laos, are at high risk of attaining such status, according to the World Bank. A decade ago only about a third of poor countries were in, or at high risk of, debt distress.Russia’s invasion of Ukraine has fuelled surges in food and energy costs. Wheat and oil are both about 50% more expensive than they were a year ago. For importing countries this increases the fiscal costs of food and energy subsidies, drains hard-currency reserves and weighs on economic growth. Rising prices also intensify pressure on central banks in the rich world to tighten monetary policy. Investors expect the Fed to raise its benchmark interest rate by nearly three percentage points in 2022; that would be the largest rate rise in a single year since the early 1990s. Add in the effect of a shrinking Fed balance-sheet, and the tightening this year could be the most dramatic since the 1980s.Markets are already heaping pressure on vulnerable emerging economies. As capital flows to America to take advantage of higher rates, the dollar is strengthening: it is up by more than 10% over the past year. Funding costs in the emerging world are rising with it. The yield on the hard-currency debt of the median emerging economy has risen by more than a third since the summer. The share of issuers with bonds trading at distressed levels has more than doubled, to just over a fifth, according to the IMF. That includes Ukraine, but also Egypt and Ghana.More countries will probably follow the lead of Sri Lanka, which on April 12th defaulted on its hard-currency government debt. Nonetheless, the systemic crises that were a feature of the previous lost decades may be avoided. Many middle-income economies have bolstered their financial defences, by beefing up foreign-exchange reserves, for instance. Investors have become more discerning, reducing the risk of wider contagion. The bigger worry instead is that debt loads will hit growth, by limiting governments’ room to cut taxes and invest in education and infrastructure. Local banks that have lent heavily to governments may find their capacity to lend to private borrowers impaired if the bonds they hold lose value. Home-country government debt now makes up about 17% of bank assets across emerging economies, up from 13% in the early 2010s and well above the 7.5% average in rich countries.Another headwind comes from global trade. Developing economies’ fortunes have long risen and fallen in line with it. From 1960 to 1980, goods trade as a share of world GDP doubled from 9% to 18%; during the lost decades, by contrast, it stagnated. Trade then soared again as global supply chains expanded across East and South-East Asia in particular. But that interconnectedness is once more at risk. Geopolitical tensions, national campaigns for self-sufficiency and concerns about supply-chain reliability may weigh on trade, reducing poor economies’ opportunities to borrow technology and know-how from foreign firms, and sell to the rich world.The global economy will also suffer from the sputtering of the largest emerging market of them all, and the world’s primary growth engine: China. Between 1970 and 2000 America and Europe accounted for nearly half of global GDP growth. The sharp and sustained slowdown in rich-world growth that began in the 1970s thus weighed heavily on the global economy and the prospects for the emerging world. Fortunes turned in the 2000s, however, as an explosive expansion in China led it to contribute more to global growth than America and Europe combined. A modest deceleration in China, to GDP growth rates of around 5%, would not doom the global economy to stagnation. Draconian covid lockdowns, a protracted property-market bust and the potential costs of geopolitical misadventures, however, could do great damage.Some emerging markets stand to benefit from an era of stagnation. Firms wary of dependence on China could move production to other low-cost places. Rich countries hoping to prevent poorer ones from drawing closer to Russia and China could lower trade barriers and increase investment abroad, boosting growth prospects in the process. High commodity prices, while they last, will buoy the fortunes of food, energy and metals exporters.Overall, however, the higher debts and forgone investment in human and physical capital of the past few years will take a heavy toll. The IMF forecasts that GDP across the emerging world will remain some 6% below its pre-pandemic trend at the end of 2024. (By comparison, GDP in most of the rich world is expected to be less than 1% below trend.) Without bold initiatives to lower debt burdens, invest in public goods and expand trade, such a dismal performance might be just a taste of what is to come.For more expert analysis of the biggest stories in economics, business and markets, sign up to Money Talks, our weekly newsletter. More

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    Jim Cramer says these two airline stocks are the most profitable

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer on Monday offered two airline stocks that he believes investors should pick up for their portfolios.
    “Just remember to ring the register gradually on the way up, because remember, these are airlines. They tend to be a very boom and bust industry,” the “Mad Money” host said.

    CNBC’s Jim Cramer on Monday offered two airline stocks that he believes investors should pick up for their portfolios.
    “There’s always a bull market somewhere and right now it’s flying at 30,000 feet high. My favorites are the two most profitable, that’s [Delta Air Lines] and [Alaska Air Group]. Just remember to ring the register gradually on the way up, because remember, these are airlines. They tend to be a very boom and bust industry,” the “Mad Money” host said.

    Shares of Delta fell 0.96% on Monday while Alaska stock slipped 0.19%.
    Delta said earlier this month that it expects unit revenues to increase double digits in the second quarter compared to pre-pandemic, three years ago. The company also expects overall sales to recover up to 97% of 2019 levels
    Chief executive Ed Bastian said on “Squawk Box” on the heels of the company’s latest quarterly results that the airline recorded its highest ever monthly sales in terms of bookings in March and that this trend is continuing into April. 
    “I’m still stunned,” Cramer said of Bastian’s comments.
    Alaska set a sales record in March but trimmed its schedule 2% through the end of June due to a pilot shortage.

    “Although they’re not one of the majors, it is extremely well-run, still, with a much higher mix of leisure travelers compared to business ones,” Cramer said.
    “The only problem with this stock is that everybody knows Alaska Air’s one of the strongest players in the industry, which makes it harder for them to deliver an upside surprise. That’s why the stock is actually down a few bucks from where it was trading before the quarter,” he added.
    Cramer said that even though there is a bull market in airlines, there are a few companies whose stocks investors should avoid.
    “I’d steer clear of the companies involved in the bidding war for Spirit Airlines – that’s JetBlue, Frontier and Spirit itself,” he said.
    Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.
    Disclaimer

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    Judge orders Cushman & Wakefield to comply with Trump property subpoenas for NY attorney general probe

    A New York judge ordered commercial real-estate services giant Cushman & Wakefield to comply with subpoenas about its appraisals of several Trump Organization properties.
    The subpoenas were issued as part of a civil investigation by the New York Attorney General’s Office.
    The order by Manhattan Supreme Court Judge Arthur Engoron came hours after the same judge held former President Donald Trump in contempt of court for failing to comply with another subpoena issued by Attorney General Letitia James seeking business documents as part of her probe.
    James’ investigation is focused on allegations that the Trump Organization misstated the true values of multiple real-estate assets when it applied for loans and insurance coverage, and in tax-related filings, in an effort to obtain more favorable financial terms.

    Anti-Trump demonstrators gather outside of the New York County Supreme Court in New York City, U.S., April 25, 2022. 
    David Dee Delgado | Reuters

    A New York judge Monday ordered commercial real-estate services giant Cushman & Wakefield to comply with subpoenas about its appraisals of several Trump Organization properties that are being eyed in a civil investigation by the New York Attorney General’s Office, a spokesperson for that office said.
    The order by Manhattan Supreme Court Judge Arthur Engoron came hours after the same judge held former President Donald Trump in contempt of court for failing to comply with another subpoena issued by Attorney General Letitia James seeking business documents as part of her probe.

    The judge, a Democrat who was elected to the bench in 2015, said Trump would have to pay $10,000 per day in penalties for every day he failed to turn over the documents. Trump’s lawyer said she would appeal that ruling.
    “For the second time today, a judge has made clear that no one is above the law,” James said in a statement issued Monday afternoon, after a hearing on the Cushman & Wakefield subpoenas.
    “Cushman & Wakefield’s work for Donald J. Trump and the Trump Organization is clearly relevant to our investigation, and we are pleased that has now been confirmed by the court,” James said. “Our investigation will continue undeterred.”
    James’ investigation is focused on allegations that the Trump Organization misstated the true values of multiple real-estate assets when it applied for loans and insurance coverage, and in tax-related filings, in an effort to obtain more favorable financial terms.

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    James’ office on Monday said that Engoron had given Cushman & Wakefield, which had refused to comply with the demand for documents, until May 27 to turn over the documents pursuant to her subpoenas.

    “Cushman & Wakefield’s work for the Trump Organization is significant to our ongoing investigation into Donald J. Trump and the Trump Organization’s financial practices,” said James said earlier this month.
    Cushman & Wakefield in an emailed statement said,  “While we acknowledge today’s ruling, any suggestion that Cushman & Wakefield has not responded in good faith to the Attorney General’s investigation continues to be fundamentally untrue.”
    “We made it clear during the hearing that our firm has devoted significant time, resource and expense in our efforts to cooperate with the Attorney General’s investigation including sharing tens of thousands of items of information,” the company said. “Once again, Cushman & Wakefield affirms that we stand behind our appraisals and appraisers.”
    A Cushman spokeswoman also told CNBC that contrary to some published reports Monday, the company itself is not a focus of the investigation by James.
    The attorney general on April 8 filed a motion seeking to compel Cushman & Wakefield to comply with subpoenas related to its work for the Trump Organization.

    Former U.S. President Donald Trump speaks during a rally to boost Ohio Republican candidates ahead of their May 3 primary election, at the county fairgrounds in Delaware, Ohio, U.S. April 23, 2022. 
    Gaelen Morse | Reuters

    Her office said the company “has refused to comply with subpoenas for information related to its appraisals of three specific Trump-owned properties — the Seven Springs Estate, Trump National Golf Club, Los Angeles, and 40 Wall Street — and information about Cushman’s larger business relationship with the Trump Organization,” according to a news release.
    James’ office also said that in regards to the Seven Springs Estate in Westchester County, New York, and the Trump National Golf Club in L.A., “evidence indicates that the Trump Organization submitted fraudulent or misleading valuations of conservation easements to the Internal Revenue Service.”
    “Those valuations were used to obtain tax deductions and involved appraisals issued by Cushman,” the release said.
    The news release also noted that “Cushman issued multiple appraisals of 40 Wall Street in downtown Manhattan,” including three appraisals issued to “to Capital One Bank between 2010 and 2012, valuing the Trump Organization’s interest in the property between $200 million and $220 million.”

    Allen Weisselberg (C) former US President Donald Trumps company chief financial officer arrives to attend the hearing for the criminal case at the criminal court in lower Manhattan in New York on July 1, 2021.
    Timothy A. Clary | AFP | Getty Images

    “In 2015, that same Cushman team prepared another appraisal on the property for Ladder Capital Finance LLC, this time, valuing the building at $550 million,” James’ office said at the time. That appraisal was used by the Trump Organization to secure a loan.”
    Jack Weisselberg, the son of Trump Organization chief financial officer Allen Weisselberg works at Ladder Capital. Allen Weisselberg and the Trump Organization last year were indicted in criminal charges that accuse them of a scheme that since 2005 had sought to avoid taxes on compensation for the CFO and other Trump Organization executives.
    Allen Weisselberg and the Trump Organization have pleaded not guilty in that criminal case, which is being prosecuted by the Manhattan District Attorney’s Office.

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    Whirlpool CEO says company is coping with inflation challenges, sees easing supply shortages

    Monday – Friday, 6:00 – 7:00 PM ET

    Whirlpool is handling inflationary pressure and has seen supply chain shortages start to ease, CEO Marc Bitzer told CNBC’s Jim Cramer on “Mad Money.”
    “Inflation challenges are real, but I think we’ve been able to demonstrate we can cope with them,” Bitzer said.

    Whirlpool is handling inflationary pressure and has seen supply chain shortages start to ease, CEO Marc Bitzer told CNBC’s Jim Cramer on “Mad Money.”
    “Inflation challenges are real, but I think we’ve been able to demonstrate we can cope with them,” Bitzer said Monday. “Covid-induced inflation, I think we had a pretty good sense and we dealt with it very well. And we also thought we had a pretty good grip on inflation coming into this year.” 

    Whirlpool missed Wall Street expectations on first-quarter sales and earnings, according to Refinitiv. Shares of the company rose about 2% during extended trading following an initial dip.
    Bitzer said that Whirlpool is expanding capacity in the U.S but still expects industry-wide supply shortages to last through the rest of the year.
    “I still believe in the future of American manufacturing going forward. We’re not going to change our mind,” he said. 
    “Shortages will be around this industry probably for the entire ’22. However, they start easing. We start seeing them easing so it’s getting better, but it’s been a painful two years, to be honest,” he added.
    Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

    Disclaimer

    Questions for Cramer?Call Cramer: 1-800-743-CNBC
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    Jim Cramer says Coca-Cola is a buy after company 'put on a clinic' in latest earnings report

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer explained why he believes Coca-Cola is an endurable, investable stock on the heels of its latest quarterly earnings report.
    “Coca-Cola put on a clinic, showing you how a seasoned management team can overcome just about any challenge you might throw at them. That’s long-lasting strength. That’s a great stock to put away,” the “Mad Money” host said.

    CNBC’s Jim Cramer explained why he believes Coca-Cola is an endurable, investable stock on the heels of its latest quarterly earnings report.
    “Coca-Cola put on a clinic, showing you how a seasoned management team can overcome just about any challenge you might throw at them. That’s long-lasting strength. That’s a great stock to put away,” the “Mad Money” host said.

    Coca-Cola reported better-than-expected quarterly earnings and revenue on Monday.
    Shares of Coke rose 1.06%, notching a new 52-week high earlier in the day.
    “The quarter’s a reminder that sometimes you just want to own the best of breed companies in unassailable positions. … It’s not that Coca-Cola’s got no problems — they’re dealing with the same issues as everyone else — it’s that they’ve been able to safely navigate their way through the thicket,” Cramer said.
    He attributed Coke’s success to the popular Topo Chico Hard Seltzer, its DoorDash collaboration and other efforts to gain market share and get products to customers.
    Coke said it is seeing higher costs for core supplies like high fructose corn syrup and aluminum. But Cramer noted “the good news is that the companies that make cans are finally adding capacity after holding back for a long time, mostly because of Covid.” 

    “If we’re going to get out of this inflationary spiral, we either need to see lots of companies adding capacity, or the Federal Reserve will have to crush the economy. When it comes to Coke, obviously its suppliers boosting their production is what really matters,” he said.

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    Stocks making the biggest moves after hours: Cadence Design, Packaging Corp of America, SBA Communications and more

    Pankaj Nangia | Bloomberg | Getty Images

    Check out the companies making headlines in extended trading.
    Cadence Design Systems – Shares of computer software company gained 5% after hours following the company’s quarterly earnings reports. Earnings and revenue for the first quarter both came in above consensus forecasts, according to FactSet. The company also issued upbeat full year earnings and revenue guidance.

    Heidrick & Struggles – The executive search firm’s shares fell more than 4% in extended trading, despite reporting an increase in profit and revenue for the first quarter. The company also recorded a slew of increased spending for consolidates salaries and benefits, cost of services and administrative expenses.
    SBA Communications Corporation – Shares of the wireless communications company saw its stock rise 1.5% after reporting quarterly results, which included adjusted EBITDA that beat FactSet estimates and better-than-expected full year financial guidance. The company also announced it’s repurchasing 1.3 million shares.
    Packaging Corp of America – The packaging company’s shares advanced 1.6% after company earnings. Adjusted EBITDA for the first quarter came in at $467.2 million, compared to FactSet estimates of $443.1 million.

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