More stories

  • in

    Cramer's lightning round: I'm not holding my breath for Robinhood

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

    It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

    Loading chart…

    3D Systems Corp: “That is always a bridesmaid, never a bride. I have to tell you, I think that 3D Systems and their whole 3D world is just not going to make money for people. I suggest you do Nvidia.”

    Loading chart…

    AT&T Inc: “I don’t like the balance sheet and I am very concerned [about the company’s spin-off of WarnerMedia]. … I think that they have too much competition given the balance sheet that they have.”

    Loading chart…

    Gladstone Land Corp: “The stock’s been very high. Let me do some homework on that one. … It’s intrigued me, but it doesn’t have that good yields.”

    Loading chart…

    Robinhood Markets Inc: “If they get their cost down, and they continue to grow, it will grow into a higher stock. But that’s a lot of ifs, and I’m not holding my breath.”

    Loading chart…

    Scotts Miracle-Gro Co: “I think it’s much more a play on whether there’s going to be a Spring selling season and people farming again versus say, last year. And I don’t think you’re going to have as good a year as last year.”

    Loading chart…

    On Holding AG: “It’s an $8 billion company, and that’s probably too high, given the fact that they are not making money. If they start making money, then I’ll tell you that it’s okay.”

    Loading chart…

    Solaredge Technologies Inc: “I like the company, but I think it’s had too big a bounce, and I’m not going to recommend it. But it is making money, so it’s not a terrible stock. It’s probably a pretty good investment, just not great.”

    Disclosure: Cramer’s Charitable Trust owns shares of Nvidia.

    WATCH LIVEWATCH IN THE APP More

  • in

    Buy the dip and stay long on Nvidia, Jim Cramer says

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

    CNBC’s Jim Cramer on Wednesday urged investors to add Nvidia stock to their portfolios and watch for chances to buy the dip.
    “I think Nvidia owns the future. That’s why I still love the stock long-term, and I view any weakness as a chance to buy more gradually on the way down,” the “Mad Money” host said.

    CNBC’s Jim Cramer on Wednesday urged investors to add Nvidia stock to their portfolios and watch for chances to buy the dip.
    “I know this is a tough market for a stock like Nvidia, and I wouldn’t be surprised if it has another leg lower. But when you look at what this incredible company is coming up with, I think Nvidia owns the future. That’s why I still love the stock long-term, and I view any weakness as a chance to buy more gradually on the way down,” the “Mad Money” host said.

    Nvidia stock fell 3.36% on Wednesday to $256.34.
    Cramer’s comments were part of his recap of chief executive Jensen Huang’s keynote address on Tuesday during Nvidia’s annual GPU Technology Conference from March 21 to 24, which features guests across the technology industry.
    Cramer highlighted notable parts of Huang’s speech, including mentions of partnerships with Microsoft and electric vehicle company Lucid as well as Nvidia’s plans to bolster its technology offerings. Cramer also discussed Nvidia CFO Colette Kress’ discussion of the firm’s $1 trillion dollar addressable market, stating that while he’s often skeptical of such claims, he gives Nvidia the benefit of the doubt.
    The host also said that investors should watch Nvidia’s stock long-term.
    “Right now the market may not care about this stuff because Wall Street’s in a real defensive crouch, but once the Fed gets inflation under control, and I think it will, Nvidia’s stock’s going to roar back,” he said.

    Disclosure: Cramer’s Charitable Trust owns shares of Nvidia.
    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
    Want to take a deep dive into Cramer’s world? Hit him up!Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram
    Questions, comments, suggestions for the “Mad Money” website? [email protected]

    WATCH LIVEWATCH IN THE APP More

  • in

    Stock futures little changed as Wall Street tries to recover from Wednesday's losses

    Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, March 21, 2022.
    Brendan McDermid | Reuters

    Stock futures were little changed on Wednesday night as investors recovered from losses during the regular trading session.
    The Dow Jones Industrial Average futures rose slightly 14 points, or 0.04%. S&P 500 and Nasdaq 100 futures climbed 0.10% and 0.17%, respectively.

    Top gainers include homebuilding company KB Home and streaming service Spotify, which popped 4% and 4.3% in extended trading, respectively.
    The major averages took a breather during the regular trading session Wednesday, as higher oil and commodities prices and the likelihood of greater interest rate hikes have investors uncertain about the economic outlook for later this year.
    The Dow Jones Industrial Average dropped about 450 points, or 1.3%. The S&P 500 declined 1.2%. The Nasdaq Composite dipped 1.3%.
    “The idea of having a soft landing was always going to be really challenging, and when you think about the additional wrinkle of a complication of Russia invasion of the past month, and the surge in commodity prices, it makes it super difficult for Fed to calibrate,” Michael Schumacher, head of macro strategy at Wells Fargo Securities, said on CNBC’s “Fast Money” on Wednesday.
    Investors watched for further updates from the Russia-Ukraine conflict, as President Joe Biden headed to Europe to add pressure to Russia and lend support for a ceasefire.

    Oil prices rose higher. U.S. benchmark WTI Crude jumped 5%, and the international standard Brent Crude benchmark spiked 5.23%.
    New weekly jobs claims data and durable goods orders will be released at 8:30 a.m. on Thursday.
    Darden Restaurants will report earnings before the bell on Thursday.

    WATCH LIVEWATCH IN THE APP More

  • in

    Stocks making the biggest moves premarket: General Mills, Winnebago, GameStop and others

    Check out the companies making headlines before the bell:
    General Mills (GIS) – General Mills gained 1.6% in the premarket after reporting better-than-expected quarterly earnings and raising its full-year outlook. The food maker earned an adjusted 84 cents per share, 6 cents above estimates, with revenue essentially in line with analyst forecasts. General Mills said demand for food at home continues to be elevated.

    Winnebago (WGO) – The recreational vehicle maker reported adjusted quarterly earnings of $3.14 per share, beating the $2.94 consensus estimate, and revenue also topped Street forecasts. Results were helped by strong consumer demand and higher prices. However, Winnebago shares lost 2.4% in premarket action.
    GameStop (GME) – GameStop soared 12.4% in premarket trading after an SEC filing showed that Chairman Ryan Cohen had bought 100,000 additional shares, raising his stake in the videogame retailer to 11.9%.
    Adobe (ADBE) – Adobe beat estimates by 3 cents with adjusted quarterly earnings of $3.37 per share. The software maker’s revenue was slightly above estimates. However, Adobe cut its forecast for a key subscription revenue measure, expecting a $75 million hit for existing business in Russia and Belarus. Adobe slid 2.7% in the premarket.
    Tilray (TLRY), Canopy Growth (CGC), Aurora Cannabis (ACB), Sundial Growers (SNDL) – U.S.-listed marijuana stocks jumped in the premarket following news of two takeover deals in the industry. Cresco Labs is buying Columbia Care for $2 billion in stock, while Aurora Cannabis is acquiring Thrive Cannabis parent TerraFarma for C$38 million in cash and stock plus certain incentives. Tilray jumped 10.9% in the premarket, with Canopy Growth up 4%, Aurora Cannabis rallying 7.6% and Sundial surging 8.6%.
    Okta (OKTA) – Okta said a preliminary investigation found no evidence of ongoing malicious activity, following news of a hacker breach. The digital authentication company said up to 366 customers may have been impacted by the breach, but noted hackers gained only limited access. Okta dropped 3.6% in premarket action.

    Nielsen Holdings (NLSN) – Private equity firms Brookfield Asset Management and Elliott Investment Management are considering raising their offer for Nielsen, according to people familiar with the matter who spoke to Bloomberg. Nielsen had rejected a prior offer of $25.40 per share, saying it undervalued the company.
    Poshmark (POSH) – Poshmark slid 9.4% in the premarket after the operator of a new and used clothing marketplace gave weaker-than-expected guidance for the current quarter. Poshmark reported better-than-expected revenue for its most recent quarter, along with a slightly smaller-than-expected loss.
    Correction: Aurora Cannabis is purchasing TerraFarma in a C$38 million cash-and-stock deal, with additional amounts payable on contingent. An earlier version of the story gave the incorrect purchase amount.

    WATCH LIVEWATCH IN THE APP More

  • in

    Stocks making the biggest moves midday: GameStop, Adobe, General Mills and more

    The General Mills logo is displayed on a box of Raisin Nut Bran cereal at Scotty’s Market on September 20, 2017 in San Rafael, California.
    Justin Sullivan | Getty Images News | Getty Images

    Check out the companies making headlines in midday trading.
    Adobe — Shares for the computer software company tumbled 9.3%. Adobe beat earnings, but reported a weak outlook. The company expects a $75 million hit to its business from the Russia-Ukraine conflict. In the first quarter, Adobe beat estimates by 3 cents, reporting adjusted quarterly earnings of $3.37 per share.

    General Mills — The food company’s stock price jumped 2.5%. General Mills reported better-than-expected quarterly earnings and raised its full-year outlook. The firm earned an adjusted 84 cents per share, 6 cents more than consensus estimates.
    Poshmark — Shares of the online clothing marketplace rose 2.5% a day after the firm reported a slightly smaller-than-expected loss and beat on revenue in the recent quarter. Poshmark also reported weaker-than-expected guidance for the current quarter, which led shares to initially slide.
    Winnebago — Shares for the recreational vehicle maker plummeted 11.8%. Winnebago reported adjusted quarterly earnings of $3.14 per share, beating consensus estimates of $2.94 from analysts.
    GameStop — The meme stock skyrocketed 14.5% Wednesday after GameStop Chair Ryan Cohen on Tuesday bought an additional 100,000 shares. Cohen’s stake in the video game retailer expanded to 11.9%.
    Tilray Brands, Aurora Cannabis — Cannabis stocks jumped after two major acquisitions were reported in the industry. Cresco Labs will acquire Columbia Care in a $2 billion deal, according to Reuters. Aurora Cannabis said it is purchasing TerraFarma in a C$38 million cash-and-stock deal. Tilray spiked 3.5%, and Aurora Cannabis jumped 1%.

    Okta — Shares of Okta fell more than 10.7% a day after the digital authentication company said it found no evidence of ongoing malicious activity following a hacker breach that affected 366 customers. Okta said hackers gained only limited access.
    Boeing — The aerospace stock lost 2.6% on Wednesday, mostly erasing Tuesday’s rebound, as investors continued to monitor the investigation of a plane crash in China. One of the two black boxes from the flight, which could reveal the reason for the crash, has been found, according to Chinese state media.
    Mosaic Company — Shares for Mosaic Company popped 3.4%. The fertilizer stock continues to enjoy popularity among investors who see huge gains ahead for the company following any shortages from Russia-Ukraine conflict.
    — CNBC’s Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.
    Correction: Aurora Cannabis is purchasing TerraFarma in a C$38 million cash-and-stock deal, with additional amounts payable on contingent. An earlier version of the story gave the incorrect purchase amount.

    WATCH LIVEWATCH IN THE APP More

  • in

    Jim Cramer tells investors to ‘stay the course’ as markets continue to shake

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

    CNBC’s Jim Cramer told investors that they shouldn’t lose faith in the market’s ability to recover after Wednesday’s declines.
    “History is very clear: It says you must stay the course,” the “Mad Money” host said.

    CNBC’s Jim Cramer told investors that they shouldn’t lose faith in the market’s ability to recover after Wednesday’s declines.
    “History is very clear: It says you must stay the course. The S&P 500’s already had a successful 50% retracement of its huge decline, and in the 21 times that’s happened since the Great Depression, it’s meant the decline is over every single time,” Cramer said, noting that the averages retraced 50% of their post-November decline after yesterday.

    “Could this time be different? Sure, but don’t ignore the very real possibility that good things can happen, too,” he added.
    The “Mad Money” host, who cautioned investors against unwarranted optimism on Tuesday, cited information from legendary market technician Larry Williams for his analysis of the markets’ future course. Cramer has relied on Williams’ analysis to make market predictions in the past.
    Cramer listed several factors, in addition to the pattern Williams spotted, that suggest the markets could recover, including the Russia-Ukraine war seeming to enter a stalemate, which could potentially lead to an end sooner than later. 
    He also pointed to the Federal Reserve’s recent interest rate hike, Fed Chair Jerome Powell’s strong comments on inflation and the Covid-19 pandemic potentially ending soon as additional market factors.
    “This is a brutal environment with a lot of truly awful possibilities, and I wouldn’t be surprised if tomorrow’s worse than today. … But at moments of extreme doom and gloom, like I saw today, I need you to remember that the bears could perhaps be wrong,” Cramer said.

    WATCH LIVEWATCH IN THE APP More

  • in

    Omicron BA.2 subvariant will soon dominate in U.S., but Fauci doesn't expect another surge

    The BA.2 subvariant, which spreads 80% faster than the earlier omicron, has more than doubled in the U.S. over two weeks and will become the dominant variant.
    However, White House chief medical advisor Dr. Anthony Fauci said he doesn’t expect another surge right now, though cases might rise.
    Ali Mokdad, a leading epidemiologist, said he expects cases to decline over the spring and summer, with a surge possible this winter.
    “The pandemic phase of the virus is over in our opinion,” Mokdad said. “We are moving into an endemic phase.”

    Dr. Anthony Fauci speaks about the Omicron coronavirus variant during a press briefing at the White House in Washington, December 1, 2021.
    Kevin Lamarque | Reuters

    Omicron’s more contagious subvariant, BA.2, has more than doubled in prevalence over the past two weeks in the U.S. and now represents more than 34% of Covid-19 infections that have undergone genetic sequencing, according to data published by the Centers for Disease Control and Prevention this week.
    BA.2 has been steadily growing as a proportion of the Covid variants circulating in the U.S. since Feb. 5, when it represented about 1% of genetically sequenced virus samples, according to the CDC. BA.2 probably already accounts for 50% of new infections in the U.S. because many people are taking tests at home that aren’t picked up in the official data, according to Ali Mokdad, an epidemiologist at the Institute for Health Metrics and Evaluation at the University of Washington.

    Data from Walgreens, which conducts testing at its pharmacies nationwide, shows BA.2 as the dominant variant, at 51% of all positive Covid cases for the week ending March 19.

    CNBC Health & Science

    Read CNBC’s latest global coverage of the Covid pandemic:

    Though BA.2 is rising in the U.S., leading public health officials are not expecting another dramatic surge in new cases, largely due to the level of immunity the population has from vaccination and the fierce outbreak during the winter omicron wave.
    “The bottom line is we’ll likely see an uptick in cases, as we’ve seen in the European countries, particularly the U.K.,” White House chief medical advisor Dr. Anthony Fauci told ABC’s “This Week.” “Hopefully we won’t see a surge — I don’t think we will.”
    In the U.K., the number of people testing positive for Covid has jumped 16% over the past week, according to government data. The number of patients admitted to hospitals with the virus is also up about 20%. BA.2 now represents about 44% of all positive cases in London as of March 10, according to the U.K. Health Security Agency.

    Shoppers walking along Oxford Street in London on Dec. 21, 2021.
    Tolga Akmen | AFP | Getty Images

    However, Mokdad said the situation in the U.S. is different from that in European countries, because there was much more infection from omicron here over the winter. European nations have also dramatically changed their behavior in recent weeks by lifting restrictive public health measures, which has led to the spike. In many parts of the U.S., on the other hand, restrictive measures were not implemented during omicron, so there’s not as dramatic a change in behavior to drive new infections, Mokdad said.

    In the U.S., new infections are down 96% from the pandemic record of more than 800,000 on Jan. 15, according to a CNBC analysis of data from Johns Hopkins University. However, the speed of the decline has slowed and new cases appear to have plateaued at a seven-day average of around 31,000 new infections daily. The number of hospital admissions of patients with Covid has dropped 90% from the peak of the omicron wave in January, according to the CDC.

    Members of the Ohio National Guard assist with administering coronavirus disease (COVID-19) tests in Columbus, Ohio, January 5, 2022.
    Gaelen Morse | Reuters

    Mokdad said that though he expects BA.2 to represent more than 80% of new cases in the coming months, the variant’s doubling time has slowed recently. IHME is projecting that cases will continue to decline through the spring and summer, with another surge possible this winter, when immunity has started to wane substantially.
    “The pandemic phase of the virus is over in our opinion,” Mokdad said. “We are moving into an endemic phase.”
    Public health officials in England have found that the BA.2 subvariant is growing 80% faster than the earlier version of omicron, BA.1, according to a briefing paper published earlier this month. World Health Organization epidemiologist Maria Van Kerkhove has described BA.2 as the most transmissible Covid variant so far and said it’s sweeping the world. The subvariant now represents more than 80% of sequenced Covid samples worldwide, according to an international database.
    Due to vaccination and infection, an estimated 95% of the U.S. population ages 16 and older had developed antibodies against the virus as of late December 2021 before the omicron wave peaked, according to a CDC survey of blood donor samples. Mokdad said this level of immunity puts the U.S. in a good place until winter, when protection will start to wear off.

    Tatiana Perez, 11, receives a dose of the Pfizer-BioNTech coronavirus disease (COVID-19) vaccine at a vaccination center in San Jose, Costa Rica January 11, 2022.
    Mayela Lopez | Reuters

    The antibodies induced from the vaccine decline after about three months, which can lead to breakthrough infections, though the shots still protect against severe illness. Younger healthy people who have recovered from Covid have immunity for at least six months, according to peer-reviewed studies in Denmark, the U.K. and the U.S. Though these studies were published before omicron, scientists in Qatar recently found that infection 10 months earlier provided about 46% protection against illness from BA.2 in people who weren’t vaccinated. However, the elderly and people with compromised immune systems are much more vulnerable to reinfection.
    BA.2 does not make people more sick than BA.1, which was less severe than the delta variant, according to a large real-world study from South Africa’s National Institute of Communicable Diseases. Reinfection with BA.2 — though possible — appears rare, according to a February study from Denmark’s Statens Serum Institut in Copenhagen. Public health authorities in the U.K. have come to the same conclusions on hospitalization and reinfection. Neither study has been peer reviewed yet.
    “The fact that there are similar clinical manifestations of BA.1 versus BA.2 gives me a little bit of hope that it’s not going to completely change the game on us in the same way that omicron changed the game from delta,” said Jennifer Nuzzo, an epidemiologist at Johns Hopkins University.

    A son and daughter embrace their father, a coronavirus disease (COVID-19) patient in the Intensive Care Unit (ICU) ward, before his intubation procedure at the Providence Mission Hospital in Mission Viejo, California, U.S., January 25, 2022.
    Shannon Stapleton | Reuters

    There’s also no significant difference in the duration of protection that Pfizer’s and Moderna’s shots provide against mild illness from BA.2 compared with BA.1, according to a study published this month by scientists based in Qatar that is also not peer reviewed. The vaccines are 50% effective at preventing mild illness from both omicron variants three months after the second dose, but protection is negligible after that time. However, the two-dose vaccines still provide more than 70% protection against hospitalization and death, and booster doses increase this protection to more than 90%.
    Fauci said this week that there’s no need to reimplement Covid restrictions at this time. The CDC said earlier this month 98% of people in the U.S. live in areas where they no longer need to wear masks in public places indoors under its new Covid guidance. Public health authorities in the U.S. have shifted their focus to hospitalizations, rather than just new infections, when assessing the threat the virus poses to communities.

    A shopper wears a protective face mask as he enters a store as new New York State indoor masking mandates went into effect amid the spread of the coronavirus disease (COVID-19) in New York City, New York, U.S., December 13, 2021.
    Mike Segar | Reuters

    The Biden administration is relying on a strategy of vaccination, testing, and treatment with antiviral pills to prevent the virus from disrupting daily life. About 75% of adults in the U.S. are fully vaccinated, according to CDC data.
    Dr. Paul Offit, an infectious disease expert at Children’s Hospital of Philadelphia, said the public should focus on hospitalizations, a measure of more severe illness, rather than just new infections. Offit said between vaccination and infection from omicron, there’s likely enough immunity in the population to protect against a major spike in hospitalizations from BA.2.
    “For right now, I choose to be optimistic that we’re just going to see a lot of mild illness and not see a dramatic increase in hospitalizations,” Offit said.

    WATCH LIVEWATCH IN THE APP More

  • in

    Stocks making the biggest moves after hours: KB Home, Spotify and more

    New Home Construction by KB Home in California
    Bloomberg | Getty Images

    Check out the stocks making headlines in extended trading on Wednesday.
    KB Home — Shares for the homebuilding company slipped 4.3% after reporting an earnings miss. KB Home reported $1.47 earnings per share, missing the $1.56 consensus estimate by 9 cents. The company reported $1.4 billion in revenues, missing consensus estimates of $1.5 billion.

    GameStop — The meme stock dipped 1.1% after hours. The video game retailer’s stock price soared during the regular trading session, following Tuesday’s report that GameStop Chair Ryan Cohen on Tuesday bought an additional 100,000 shares. Cohen expanded his stake to 11.9% in the video game retailer.
    Spotify — Shares for the streaming company popped 6% following reports that Google will reduce app commission fees for Android developers, starting with Spotify.

    WATCH LIVEWATCH IN THE APP More