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    Cramer's lightning round: Century Aluminum is not a buy

    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.

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    Roblox Corp: “I can’t recommend a stock that is not making money.”

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    Li-Cycle Holdings Corp: “I’m not going to go there. We’re dealing with a lot of peaking of a lot of different metals. I’m staying away.”

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    Mitek Systems Inc: “I have work to do. … Let me do more work [researching the company].”

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    Bausch Health Companies Inc: “[CEO] Joe Papa, I think he’s doing a good job, but he brought the Bausch and Lomb [subsidiary] to the market at a very bad time. And that’s really, really crushed the stock.”

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    Pioneer Natural Resources Co: “You’ve got to wait for it to come in, because it’s going to come in a little more and then we’re going to buy some more.”

    Disclosure: Cramer’s Charitable Trust owns shares of Bausch and Pioneer Natural Resources.

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    Salesforce CEO Marc Benioff says foreign exchange pushed the company to lower revenue guidance

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

    Salesforce co-founder and co-CEO Marc Benioff told CNBC’s Jim Cramer on Tuesday that the rising value of the dollar played a part in the software company lowering revenue guidance in its latest quarter.
    “Our guidance is really impacted by foreign exchange,” Benioff said in an interview on “Mad Money.”

    Salesforce co-founder and co-CEO Marc Benioff told CNBC’s Jim Cramer on Tuesday that the rising value of the dollar played a part in the software company lowering revenue guidance in its latest quarter.
    “Our guidance is really impacted by foreign exchange,” Benioff said in an interview on “Mad Money.” “We have now had to consume about $600 million of foreign exchange changes … since we first gave guidance last November.”

    “The [U.S] dollar gets stronger and stronger as an incredible safe haven. And while that’s great if all of your revenue’s in the United States, we do have strong businesses internationally – we’re the third-largest software company in Japan right now,” he said, adding that he’s “never seen anything like” the deceleration of the Japanese yen since March.
    The dollar index, which compares the U.S. currency’s performance against other major currencies including the euro and the yen, is up more than 6% this year and hit its highest level in about 20 years this month.
    While a strong dollar can boost the performance of companies that largely depend on business in the U.S., it’s bad news for those that rely on businesses in Europe and Asia and see smaller profits when foreign sales are translated into dollars. 
    “While we had a great quarter, the U.S. dollar, they had a far better quarter than we did. I’ve never seen the strength of the dollar like this,” Benioff said.
    Salesforce beat Wall Street expectations on first-quarter revenue and earnings reported after the bell on Tuesday. The company raised its profit outlook but lowered its revenue guidance. 

    Disclosure: Cramer’s Charitable Trust owns shares of Salesforce.
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    Disclaimer

    Questions for Cramer?Call Cramer: 1-800-743-CNBC
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    Jim Cramer says these three Big Tech stocks have ‘nowhere else to go but up’

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

    CNBC’s Jim Cramer told investors on Tuesday that some stocks have fallen so far from their highs that they will inevitably rally.
    Calling them “colossal losers,” Cramer pinpointed three members of his now-discarded FAANG acronym as names that will rebound.

    CNBC’s Jim Cramer told investors on Tuesday that some stocks have fallen so far from their highs that they will inevitably rally.
    “While they may stay losers, the bottom line is they’ve fallen so darn far that I think they’ve become metaphors for a whole host of stocks that are now ready to rally because they’ve got nowhere else to go but up,” the “Mad Money” host said.

    Calling several tech giants “colossal losers,” Cramer pinpointed Amazon, Facebook-parent Meta Platforms and Google-parent Alphabet — three members of his now-discarded FAANG acronym — as names that will rebound. The other FAANG companies include Apple and Netflix.
    Here’s why Cramer believes those three ‘losers’ will rally:
    Amazon

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    Cramer said that he believes the company could boost its stock valuation if it culls warehouses and workers, takes a more aggressive approach to retail advertising and keeps its Amazon Web Services robust. 
    “Amazon is a company that could earn $82 a share in 2024. Now, before you laugh about me using 2024 estimates, remember that 2022 is almost half over,” he said.

    Meta Platforms

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    Cramer said that he has faith in Zuckerberg’s vision for the metaverse, noting that other leaders, including Nvidia Chief Executive Jensen Huang, are also betting big on it.
    Alphabet

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    Noting that Google is the “best way to advertise,” Cramer said that the company is insulated from getting dragged down when other tech companies such as Snap don’t perform well.
    Disclosure: Cramer’s Charitable Trust owns shares of Alphabet, Amazon, Apple, Meta and Nvidia.

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    Victoria's Secret reports better-than-expected profit but warns challenges could persist

    Victoria’s Secret reported a fiscal first-quarter profit that topped Wall Street expectations, but warned that the retail environment will continue to be challenging.
    The company noted sales in the year-ago period got a bump from the federal stimulus money people spent.
    For the most recent quarter, Victoria’s Secret reported strength in its bras and beauty businesses as its international segment recovered from heavy Covid restrictions.

    Shoppers are seen inside a shopping mall in Bethesda, Maryland on February 17, 2022.
    Mandel Ngan | AFP | Getty Images

    Victoria’s Secret reported a quarterly profit that topped Wall Street expectations on Tuesday, but warned that it could continue to face supply chain and sales challenges for the remainder of the year.
    The Ohio-based lingerie retailer noted that it faced “supply chain headwinds” in the three-month period ended April 30 while also lapping the sales bump it got in the year-ago period from people spending their federal stimulus money.

    “If the first quarter sales trends adjusted for stimulus were to continue for the balance of the year, it could challenge our ability to deliver full year operating income in line with last year,” the company said in a news release.
    Sales in the quarter were down 4.5% from a year ago, but in line with Wall Street estimates. The company noted that federal stimulus benefits lifted sales by about $75 million in the same period in 2021.
    For the most recent quarter, the company reported strength in its bras and beauty businesses as its international segment recovered from heavy Covid restrictions.
    The company’s shares rose around 7% in extended trading.
    Here’s how Victoria’s Secret did in its fiscal first quarter compared with what Wall Street was expecting, based on Refinitiv estimates:

    Earnings per share: $1.11 adjusted vs 84 cents expected
    Revenue: $1.48 billion vs. $1.48 billion expected

    For the three-month period ended April 30, net income was $76.14 million, or 93 cents per share, compared with net income of $174 million, or $1.97 per share, a year earlier.
    Excluding one-time items, Victoria’s Secret earned $1.11 per share, ahead of the 84 cents that analysts expected.
    Sales fell 4.5% to $1.48 billion from $1.55 billion a year earlier, but were in line with Wall Street forecasts.
    Same-store sales were down 8% in the quarter from 2021. Adjusting for last year’s stimulus benefit, the company said same-store sales were down 3%.
    Victoria’s Secret ended the quarter with inventory levels up 37% from the prior year, which it said was primarily due to longer transportation times and higher cost of goods stemming from inflation.
    For its fiscal second quarter, Victoria’s Secret expects to earn between 95 cents per share to $1.25 a share, on an adjusted basis. Analysts were looking for $1.19 per share.
    The company forecast sales to be down low-single digits to up low-single digits on a year-over-year basis. Analysts were looking for a 0.8% decline.
    For the year, Victoria’s Secret said Tuesday it still expects total sales to be flat to up low-single digits from 2021. Analysts were projecting a year-over-year increase of 1.7%, according to Refinitiv data.
    “We have proactively anticipated and are managing supply chain and inflationary pressures,” the company said in prepared remarks. “However, we understand there could be volatility in our results.”
    Victoria’s Secret shares have fallen about 26% year to date, as of Tuesday’s market close.

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    Taco Bell locations are running out of Mexican Pizza less than two weeks after its return

    Taco Bell is running out of Mexican Pizza, less than two weeks after the chain brought back the menu item.
    The chain, owned by Yum Brands, said in a statement that it’s working with its restaurants and suppliers to get Mexican Pizza back on its menu permanently by the fall.
    Demand for Mexican Pizza was seven times higher than the last time it was on the menu.

    Taco Bell’s Mexican Pizza
    Source: Taco Bell

    Taco Bell is running out of its Mexican Pizza, less than two weeks after the chain brought back the menu item.
    The chain, owned by Yum Brands, said in a statement that it’s working with its restaurants and suppliers to get the item back on its menu permanently by the fall.

    “We are working as fast as we can to restock Mexican Pizza ingredients,” the chain said on Twitter.
    Taco Bell’s take on pizza includes seasoned beef and refried beans between two shells with a pizza sauce, melted cheese and tomatoes. Vegetarians can ask for it without the beef.
    Demand for the Mexican Pizza was seven times higher than the last time it was on the menu, in November 2020, according to Taco Bell. The chain had cut Mexican Pizzas, pico de gallo and shredded chicken from its offerings as part of a push to simplify operations and focus on more popular items.
    But after fans begged for Mexican Pizza to return, Taco Bell brought the item back, on May 19. One restaurant, in Roseville, California, sold more than 1,000 in one day, the company said.
    Taco Bell used its partnership with rapper Doja Cat to drum up excitement for the item’s comeback. The chain had also planned to release a TikTok musical, starring both Doja Cat and country music legend Dolly Parton. The release of the musical has also been delayed.
    Taco Bell isn’t the only fast-food chain to face shortages of a menu item thanks to social media buzz. Restaurant Brands International’s Popeyes sold out of its first nationwide chicken sandwich in August 2019, less than a month after its debut. A Twitter feud between Chick-fil-A and Popeyes inspired consumers to want to taste the new sandwich for themselves. But the wait only built more anticipation from customers. The chicken sandwich returned to stores in November, leading to hourslong lines at some locations.

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    Home prices surged over 20% in March as interest rates also rose, according to S&P Case-Shiller

    Nationally, home prices were 20.6% higher than they were in March 2021, according to the S&P CoreLogic Case-Shiller Home Price Index.
    The Case-Shiller’s 10-city composite rose 19.5% annually in March, up from 18.7% in February. The 20-city composite saw a 21.2% year-over-year gain, up from 20.3% in the previous month.
    The average rate on the 30-year fixed mortgage stood at 3.29% at the start of January and ended March at 4.67%, according to Mortgage News Daily.

    A sold sign sits outside a home. 
    Adam Jeffery | CNBC

    Rising mortgage rates did not slow down rising home prices in March.
    Nationally, home prices were 20.6% higher than they were in March 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is higher than the 20% gain in February. The index is a three-month running average ending in March.

    The average rate on the 30-year fixed mortgage stood at 3.29% at the start of January and ended March at 4.67%, according to Mortgage News Daily.
    The Case-Shiller’s 10-city composite rose 19.5% annually in March, up from 18.7% in February. The 20-city composite saw a 21.2% year-over-year gain, up from 20.3% in the previous month. For both national and 20-city composites, March’s reading was the highest year-over-year price change in more than 35 years of data.
    Regionally, Phoenix slipped from the top gainer spot for the first time in three years, with Tampa taking over. Tampa, Phoenix and Miami continued to see the highest annual gains, with increases of 34.8%, 32.4% and 32.0% respectively. Seventeen of the 20 cities reported higher price increases in the year ending March 2022 versus the year ending February 2022.
    “Those of us who have been anticipating a deceleration in the growth rate of U.S. home prices will have to wait at least a month longer,” says Craig Lazzara, managing director at S&P DJI. “All 20 cities saw double-digit price increases for the 12 months ended in March, and price growth in 17 cities accelerated relative to February’s report.”
    Cities seeing the smallest price gains, albeit still in double digits from a year ago, were Minneapolis (+12.4%), Washington (+12.9%) and Chicago (+13%).

    The expectation is that prices will begin to ease, since home sales have been falling now for several months. Demand, however, is still high, and real estate agents report that they are still seeing multiple offers for homes that are priced well. More supply is also coming on the market, as sellers worry they will miss out on the last days of the hot market.
    “Mortgages are becoming more expensive as the Federal Reserve has begun to ratchet up interest rates, suggesting that the macroeconomic environment may not support extraordinary home price growth for much longer. Although one can safely predict that price gains will begin to decelerate, the timing of the deceleration is a more difficult call,” added Lazzara.

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    Britain urges people with monkeypox to abstain from sex as cases rise

    U.K. health authorities have urged anyone who tests positive for the monkeypox virus to abstain from sex until their symptoms have cleared.
    The U.K. Health Security Agency also recommended that previously infected persons continue to use condoms for a period of eight weeks after the virus has passed to combat rising cases.
    With 179 cases, Britain now has the highest monkeypox case count in this current outbreak. Globally, 555 confirmed and suspected cases have now been reported in countries outside of Africa.

    Test tubes labelled “Monkeypox virus positive and negative” are seen in this illustration taken May 23, 2022. 
    Dado Ruvic | Reuters

    U.K. health authorities have urged anyone who tests positive for the monkeypox virus to abstain from sex until their symptoms have cleared.
    In new guidance released Monday, the U.K. Health Security Agency also recommended that previously infected persons continue to use condoms for a period of eight weeks after the virus has passed, as a precautionary measure.

    The health agency said the risks to the general public remain low, but encouraged people to contact a health professional if they notice any unusual rashes or lesions.
    The advice comes after Britain recorded an additional 71 cases of the virus over the weekend, bringing the U.K. total to 179 less than a month after its first case was on May 7.
    The U.K. now has the highest monkeypox case count among non-endemic countries, followed by Spain with 120 and Portugal with 96.
    As of Monday, there were 555 confirmed and suspected cases of monkeypox in countries outside of Africa, according to Our World in Data.

    Rising risks of sexual transmission

    Monkeypox is a rare infectious disease typically found in Central and West African countries. Symptoms include rashes, fever, headaches, muscle ache, swelling and backpain. 

    While the virus is generally mild, usually clearing up on its own within two to four weeks, health experts have voiced concern over the recent spike in cases in countries where monkeypox does not usually spread, and the growing risks of community transmission.
    The majority of cases so far have been spread through sex, with a particular concentration of cases occurring within the gay and bisexual communities and men who have sex with men, according to the World Health Organization.

    A section of skin tissue, harvested from a lesion on the skin of a monkey, that had been infected with monkeypox virus, is seen at 50X magnification on day four of rash development in 1968. 
    CDC | Reuters

    The public health body said Monday that it was not yet clear whether the recent outbreak could lead to a global pandemic but said that there is currently a window of opportunity to curb rising cases.
    “Collectively, the world has an opportunity to stop this outbreak. There is a window,” Rosamund Lewis, the WHO’s technical lead for monkeypox, said during a briefing.
    The WHO also said it is currently considering whether the outbreak should be assessed as a “potential public health emergency of international concern.” Such a declaration was done for the Covid-19 and Ebola outbreaks, and would enable additional research and funding to contain the disease, it noted.

    What to do if you catch monkeypox

    If you suspect that you may have contracted monkeypox, you should isolate yourself from physical contact with others and seek medical advice immediately.
    Initial symptoms of monkeypox include fever, headaches, muscle ache, swelling and backpain. Rashes and lesions then typically emerge on the face, hands, feet, eyes, mouth or genitals within one to five days. Those rashes turn into raised bumps and then blisters, which may fill with white fluid before breaking and scabbing over.
    Many of the symptoms of the virus can be easily confused with other diseases, such as chickenpox, herpes or syphilis, however, so medical confirmation is important.
    If you are diagnosed with monkeypox, the U.K. guidance is that you will need to isolate until the virus has passed. Close contacts of someone with monkeypox may also be risk assessed and asked to isolate for 21 days.
    The illness is typically mild and most people recover within two to four weeks. While medical advice currently varies across countries, the U.K.’s National Health Service notes that you may need to stay in a specialist hospital to prevent infection spreading to other people.

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    S&P 500 futures rise following last week's bounce

    Traders on the floor of the NYSE, May 23, 2022.
    Source: NYSE

    S&P 500 futures rose on Monday night, as Wall Street tried to build on last week’s momentum.
    Dow Jones Industrial Average futures gained 36 points, or 0.1%. S&P 500 and Nasdaq 100 futures climbed 0.3% and 0.8%, respectively. The U.S. stock market didn’t open Monday due to the Memorial Day holiday.

    Those moves follow the best weekly gains for the Dow and S&P 500 since November 2020.
    The Dow closed up 6.2% for the week, ending an eight-week losing streak. The S&P 500 gained 6.5%, and the Nasdaq gained 6.8% on the week, ending positive after seven continual weeks of losses. Solid earnings from the retail sector, as well as an inflation report that showed prices could be easing, lifted investor sentiment.
    A chunk of last week’s gains came Friday, when the Dow rallied more than 550 points, and the S&P 500 popped 2.5%. The Nasdaq, meanwhile, rallied 3.3%, boosted by solid reports from tech companies, as well as a dip in the 10-year Treasury yield.
    Still, traders continue to deliberate whether the bounce marks a bottom as stocks remain well off their highs. The Dow is 10.1% below its 52-week high, the S&P 500 is down 13.7%, and the Nasdaq is off by about 25.2%.
    “We could get some sharp snapbacks in stocks that won’t represent a true turning point for the market,” Strategas investment strategist Ryan Grabinski said in a Friday report. “The building of a bear market is a process, and we could still decline further.”
    Traders will look through more corporate quarterly earnings during a holiday-shortened week. Salesforce, HP and Victoria’s Secret are expected to report earnings on Tuesday after the bell.

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