Business

Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer said Friday that he expects a rough start to next week on the heels of a dismal end to April in the stock market.
“I’ve got to tell you, I don’t expect a good day Monday. When you have a really horrible day like today, sometimes you get a bounce,” the “Mad Money” host said.

CNBC’s Jim Cramer said Friday that he expects a rough start to next week on the heels of a dismal end to April in the stock market.
“I’m hoping that next week should be better. I’ve got to tell you, I don’t expect a good day Monday. When you have a really horrible day like today, sometimes you get a bounce. Right in, you get a bounce, and what you’ve got to do is you must sell that bounce,” the “Mad Money” host said.

The tech-heavy Nasdaq Composite plunged almost 4.2% on Friday while the S&P 500 fell 3.6%. The Dow Jones Industrial Average dropped close to 2.8%. The Nasdaq and S&P 500 finished at new lows for the year.
Cramer said that next week he’ll have his eye on U.S. employment reports.
“It’s possible the job numbers will have peaked because companies that hired extra workers so they’d be covered during the worst days of the pandemic have started to let them go,” he said.
He also previewed next week’s slate of earnings and gave his thoughts on each reporting company. All earnings and revenue estimates are courtesy of FactSet.
Monday: Clorox

Clorox 

Q3 2022 earnings release at 4:15 p.m. ET; conference call at 4:15 p.m. ET
Projected EPS: 93 cents
Projected revenue: $1.79 billion

Cramer said the company needs to report decent numbers to send the “tattered” stock higher.
Tuesday: AMD, Airbnb, Starbucks
AMD

Q1 2022 earnings release after the close; conference call at 5 p.m. ET
Projected EPS: 91 cents
Projected revenue: $5.01 billion 

“Given how far this semiconductor stock has fallen from its highs … even an in-line quarter could send it flying,” Cramer said.
Airbnb 

Q1 2022 earnings release after the close; conference call at 5:30 p.m. ET
Projected loss: loss of 25 cents per share
Projected revenue: $1.45 billion

Cramer said he thinks Airbnb could tell “a great story.”
Starbucks

Q2 2022 earnings release after the close; conference call at 5 p.m. ET
Projected EPS: 60 cents
Projected revenue: $7.62 billion

While the quarter likely already felt the effect of Covid lockdowns in China, union activity potentially hurt the company’s performance even more, Cramer said.
Wednesday: CVS Health, Moderna
CVS Health

Q1 2022 earnings release before the open; conference call at 8 a.m. ET
Projected EPS: $2.16
Projected revenue: $75.54 billion

Cramer said he’s interested in hearing how the company will capitalize on Covid vaccines, saying he believes consumers have recently rediscovered the company’s stores.
Moderna

Q1 2022 earnings release before the open; conference call at 8 a.m. ET
Projected EPS: $5.37
Projected revenue: $4.2 billion

“These guys have so much money from their Covid vaccine, but now they have to do something to broaden their portfolio. It can’t be a one-trick pony,” Cramer said.
Thursday: Zoetis, DoorDash
Zoetis

Q1 2022 earnings release before the open; conference call at 8:30 a.m. ET
Projected EPS: $1.23
Projected revenue: $1.98 billion

Cramer said he’s confident the company will report great numbers.
DoorDash

Q1 2022 earnings release after the close; earnings call at 5 p.m. ET
Projected loss: loss of 21 cents per share
Projected revenue: $1.38 billion

“If DoorDash doesn’t beat handily, it’s a ‘lookout below,'” Cramer said.
Friday: Under Armour
Under Armour 

Q5 2022 (transition quarter) earnings release at 6:55 a.m. ET; conference call at 8:30 a.m. ET
Projected EPS: n/a
Projected revenue: n/a

Cramer said he plans to listen to the call but believes Lululemon is the reigning winner in the industry.
Disclosure: Cramer’s Charitable Trust owns shares of AMD.

WATCH LIVEWATCH IN THE APP More

BJ’s Wholesale said a federal judge should toss Walmart’s patent lawsuit, arguing the retail giant’s Scan & Go app is based on self-checkout technology used by many retailers for over a decade.
The rival warehouse clubs — Walmart-owned Sam’s Club and BJ’s Wholesale — are embroiled in litigation after Walmart sued BJ’s and accused it of stealing technology.
Both have an app feature that allows customers to scan and purchase items at the store with a smartphone rather than standing in a checkout line.

Getty Images

Warehouse club BJ’s Wholesale is calling on a federal judge to toss a patent lawsuit filed by Walmart, saying the retail giant is trying to protect a self-checkout app that’s based on technology that retailers have used for more than a decade.
“Nothing about Sam’s Club’s Scan & Go processes is inventive or unconventional; indeed, many other retailers provide a self-checkout option to their customers,” the company said in the court filing Friday. It said simply adding a smartphone and Bluetooth does not make it eligible for patents.

The rival warehouse clubs, Walmart-owned Sam’s Club and BJ’s, are embroiled in litigation over a piece of technology that has become a prized differentiator for Sam’s Club, especially as its foot traffic has grown and membership has hit a record high during the pandemic. Scan & Go starred in a Super Bowl ad that featured comedian Kevin Hart. It is now a key perk that subscribers get when they join Walmart+, the company’s membership program and its answer to Amazon Prime.
Scan & Go allows customers to ring up purchases on their smartphones while walking through the store, allowing them to avoid a checkout line. The feature debuted in 2016, but gained popularity as shoppers sought contactless ways to check out during the spread of Covid.
Walmart and Sam’s Club sued BJ’s last month, alleging that the competitor had stolen technology from Scan & Go by rolling out a nearly identical app in late 2021.
“Express Pay is an apparent copy of Sam’s Club’s Scan & Go, merely changing the in-app colors and changing the name from Scan & Go to Express Pay,” it said in the complaint in March.
Walmart added in the lawsuit that BJ’s was infringing on its patents and causing “significant damages and irreparable harm.”
Through a spokesman, Walmart said it will address BJ’s motion to dismiss through the court.

WATCH LIVEWATCH IN THE APP More

The CDC on Friday published its most detailed findings so far about nine children in Alabama who developed severe hepatitis, after issuing a nationwide health alert last week.
Three of the kids suffered liver failure and two needed liver transplants. They have all either recovered or are recovering.
The CDC said there may be a link to adenovirus infection.

Adenovirus structure, computer illustration showing the surface structure of the virus’ outer protein coat (capsid).
Kateryna Kon | Science Photo Library | Science Photo Library | Getty Images

U.S. health officials said adenovirus may have caused an outbreak of severe hepatitis that afflicted nine children in Alabama in February.
All nine kids with severe acute hepatitis, three of whom suffered liver failure, tested positive for adenovirus and none of them had a history Covid-19 infection, according to the Centers for Disease Control and Prevention.

“At this time, we believe adenovirus may be the cause for these reported cases, but other potential environmental and situational factors are still being investigated,” the CDC said in a statement. “Adenovirus type 41 is not usually known as a cause of hepatitis in otherwise healthy children, and no known epidemiological link or common exposures among these children has been found.”
The CDC on Friday published its most detailed findings so far about the children, after issuing a nationwide health alert last week. It said adenovirus infection may be an underrecognized contributor to liver injury in otherwise healthy children but further investigation is needed.
While hepatitis is not uncommon in children, the cluster of cases in Alabama surprised physicians because the previously healthy kids had severe symptoms and did not test positive for hepatitis viruses.
Public health authorities in the U.S. and Europe are closely tracking cases of severe hepatitis in kids after the U.K alerted the World Health Organization earlier this month about a cluster of cases there. The WHO has identified 169 cases worldwide so far, with the overwhelming majority of them in the U.K.
All nine children in the U.S. were patients at the hospital Children’s of Alabama, who ranged in age from about 2 to 6 years old, according to the CDC. Three of the patients suffered liver failure and two needed liver transplants. All of them have either recovered or are recovering.

The children’s symptoms before hospital admission included vomiting, diarrhea and upper respiratory symptoms. Eight of the patients had scleral icterus, a yellowing of the white of the eye. Seven had enlarged livers, six had jaundice and one had encephalopathy, a broad term for disease of the brain.
All of the children tested positive for adenovirus, a common infection that can cause respiratory illnesses, an upset stomach, pink eye and bladder inflammation or neurological disease in rarer cases. Adenovirus is a known cause of hepatitis in children with weak immune systems, but the patients in Alabama all had normal immune systems and no significant health conditions, according to the CDC.
Although six of the kids also tested positive for Epstein-Barr virus, the CDC does not believe these were acute infections because they tested negative for antibodies. The children all tested negative for hepatitis viruses A, B and C, according to the CDC. None of them had a history of Covid-19 infection.
Doctors in Alabama identified the first five cases last fall. The CDC and the Alabama Department of Public Health began an investigation in November. They identified four more cases in Alabama through February of this year. No additional cases have been identified in Alabama since February.
The CDC said it’s monitoring the situation closely to better understand the cause of severe hepatitis in the kids and to find ways to prevent the illness. The public health agency told physicians to be aware that whole blood tests, rather than plasma, might be better at detecting the presence of adenovirus.

CNBC Health & Science

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

WATCH LIVEWATCH IN THE APP More

MLB suspended Trevor Bauer for two seasons after completing an investigation into sexual assault allegations against the Los Angeles Dodgers pitcher.
Bauer, 31, has denied the allegations. In February, the L.A. District Attorney’s Office said it would not criminally charge the MLB pitcher.
Bauer said Friday that he would appeal MLB’s decision.

Umpires check the hat and glove of Trevor Bauer #27 of the Los Angeles Dodgers for foreign substances after the first inning against the San Francisco Giants at Dodger Stadium on June 28, 2021 in Los Angeles, California.
Meg Oliphant | Getty Images

MLB suspended Trevor Bauer for two seasons after completing an investigation into sexual assault allegations against the star Los Angeles Dodgers pitcher, Commissioner Rob Manfred announced Friday.
In a statement, the league said Bauer violated its Joint Domestic Violence, Sexual Assault and Child Abuse Policy and wouldn’t be paid during the suspension, which amounts to 324 games. In 2021, Bauer signed a three-year deal with the Dodgers worth $102 million.

Bauer, 31, has been on administrative leave since July 2021 amid a criminal investigation of claims that he sexually assaulted a woman in brutal incidents.
The 2020 Cy Young award winner has denied the allegations. In February, the L.A. District Attorney’s Office said it would not criminally charge the MLB pitcher.
In a Twitter post Friday, Bauer said he plans to appeal MLB’s decision.
“In the strongest possible terms, I deny committing any violation of the league’s domestic violence & sexual assault policy,” he wrote. “I am appealing this action and expect to prevail. As we have throughout this process, my representatives & I respect the confidentiality of the proceedings.”
The Dodgers said they are aware of MLB’s decision and declined to further comment due to Bauer’s plans to appeal.

Bauer last played in the MLB in 2021. He posted an 8-5 record  in 17 games before being placed on leave. He won the 2020 National League Cy Young Award with the Cincinnati Reds after going 5-4 with a 1.72 ERA in the MLB’s shortened pandemic season.
In February 2021, Bauer signed a unique three-year deal with the Dodgers. The contract made him one of the highest-paid players per year.
– CNBC’s Dan Mangan and Steve Kopack contributed to this article.

WATCH LIVEWATCH IN THE APP More

A robot cat named Sox from the Pixar film “Lightyear” was a standout during a preview of the film during CinemaCon, leading many observers to believe it will be the next hot toy property.
Disney has had significant success in turning sidekicks into bestselling toys. Grogu from “The Mandalorian” and Olaf from “Frozen” have dominated toy shelves, apparel lines and housewares.
The entertainment and character sector generated global sales of $128.4 billion in 2019 — about 44% of all licensed merchandise.

Peter Sohn voices Sox, Buzz Lightyear’s robotic cat companion, Pixar’s animated film “Lightyear.”

Disney screened the first 30 minutes of its new Pixar film “Lightyear” at CinemaCon in Las Vegas on Wednesday, but the biggest buzz among attendees wasn’t for the title character at the center of the “Toy Story” origin story.
That distinction went to a small robotic cat named Sox.

The ginger and white mechanical feline is a personal companion presented as a gift to Buzz Lightyear after a mission goes awry. A therapy device, of sorts, Sox is designed to do anything Buzz requires, including monitoring his mental health and providing nightly sleep sounds.
General audiences got a tease of Sox in early trailers for “Lightyear,” which hits theaters June 17. But the prolonged exposure CinemaCon participants got to the little robotic cat solidified the consensus that it is destined to be the next hot toy.
Like many of Disney’s and Pixar’s animal and robotic companions, Sox has a distinct personality and adds moments of levity during times of peril. During the preview at CinemaCon, his reactions were the ones that elicited the most raucous laughter from the crowd.
“Sox the cat is gonna steal the entire movie,” wrote Fandango’s managing editor Erik Davis on Twitter following the preview. “Disney is gonna sell so many Sox the cat toys.”
Sox, which is voiced by Pixar veteran Peter Sohn, has a dry sense of humor and blunt vocal delivery that is reminiscent of “Rogue One’s” K-2SO and an innocence and caring nature like Baymax from “Big Hero 6.” He’s also got a data probe in his tail a la R2-D2 that comes in handy when Buzz finds himself in a pickle.

Audiences leaving Caesar’s Palace’s Colosseum after the Disney presentation could be heard gushing about the new character. In meetings later in the week, exhibitors and box office analysts told CNBC that Sox was a clear standout in the much-anticipated animated feature, with many imitating the cat or reciting his lines seen in the footage.
“No spoilers. Just know that everyone will want a [Sox] toy as soon as this film comes out,” tweeted John Rocha, a film reviewer for The Outlaw Nation, an outlet that offers diverse perspectives on the world of entertainment. “So start buying them right now or as soon as they become available.”
Disney has had significant success in turning sidekicks into major toy sellers. In recent years Grogu from “The Mandalorian” and Olaf from “Frozen” have dominated toy shelves, apparel lines and housewares. Legacy characters like R2-D2 from “Star Wars” and Mushu from “Mulan” continue to sell.
“I reviewed a list of the 50 top movie characters and 17 of them were animals, 24 were human or human-like, and nine were an assortment of monsters and robots,” said Richard Gottlieb, CEO of Global Toy Experts. “It interested me that being cute and fuzzy alone is not a guarantor of success. The character, whether an animal or a monster, has to be relatable as human.”
Mattel, which holds the master toy license for the Toy Story franchise, has created several plush and action figure versions of Sox, but its hero item for the toy line is an $80 animatronic interactive version of the character.
“Sox has been top of mind from the initial moment we saw the ‘Lightyear’ film,” said PJ Lewis, executive lead for Mattel’s action figure and plush division. “We knew he was much more than a sidekick and offered multiple ways to drive product innovation for the ‘Lightyear’ line. Plus, we have a few cat people on the team who were smitten.”
In addition to Mattel’s product, Sox can be found in the toy aisle as a Funko Pop and a Lego figurine as well as in the candy aisle as a Pez dispenser.
Studios and toy companies are keenly aware of how consumers of various ages can quickly embrace characters from movies and television. When these characters prove successful in the toy and apparel market, they are often transitioned into houseware items like tea towels, spatulas and plates, as well as other products like jewelry, bandages, greeting cards and pet toys.
It’s a lucrative business. Global sales revenue generated by licensed merchandise reached nearly $300 billion in 2019, according to data from Licensing International’s annual overview of the industry, conducted by Brandar Consulting. The entertainment and character sector accounts for $128.4 billion, or about 44% of global sales.
And Sox is well positioned to become the next hot toy that drives revenue to Disney, said Comscore senior media analyst Paul Dergarabedian.
“A star was born at CinemaCon this week,” he said.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal owns Fandango.

WATCH LIVEWATCH IN THE APP More

Ukraine’s defense against Russia is being supported by billions of dollars in military aid from NATO countries. One of the most capable and expensive weapon systems supplied is the FGM-148 Javelin, a U.S.-made anti-armor weapon that costs about $176,000 each.”We don’t know where and when the next kinetic war will be, and producing new weapons, surging production lines takes time,” said Cynthia Cook, a senior fellow at the Center for Strategic and International Studies. “This may be a time where we might want to think about how we invest in increasing the inventory of precision-guided weapons and other weapons and missiles.”
Although the Javelin has been lauded by the Ukrainian government, the actual effectiveness of the weapon system remains hard to independently verify outside of anecdotal accounts from the battlefield.

“We don’t have folks on the ground, and I think that is a policy decision that we should reconsider,” said U.S. Rep. Mark Waltz, R-Fla., a former U.S. Army Green Beret. “We could help them be actually more effective if we had advisors alongside, but we’d have to do that in very small numbers very selectively, and very quietly.”
Watch the video above to find out what the Javelin is, how it it used and what it will take for the U.S. to produce more of them.

WATCH LIVEWATCH IN THE APP More

Despite the pandemic, more than 7 in 10 workers say they are at least “somewhat confident” about retirement, and 8 in 10 retirees feel they’ll have enough to cover their golden years, a survey finds.
However, inflation and the rising cost of living are the top concern among workers and retirees feeling less assured.
While most retirees’ spending is as expected, 1 in 3 said their costs are higher than planned.

Ipggutenbergukltd | Istock | Getty Images

Despite the pandemic, most Americans still feel optimistic about a comfortable retirement, but inflation is the top concern among those who aren’t as prepared.
That’s according to the Employee Benefit Research Institute and Greenwald Research 32nd annual Retirement Confidence Survey polling 2,677 workers and retirees in January.

“Even with the concerns of the pandemic and rising prices, overall, American workers and retirees still feel positive about their retirements,” said Craig Copeland, director of wealth benefits research at EBRI.
More from Personal Finance:Most adults’ financial priority is nonretirement savings, survey showsHere’s a simple way to see how inflation erodes your long-term savingsHigh inflation may prompt people to change their summer vacation plans
The 2022 findings remain steady compared to 2021, with more than 7 in 10 workers reporting they are at least “somewhat confident” about retirement savings, including nearly one-third who feel “very confident.”
Some 8 in 10 retirees believe they’ll have enough money to live comfortably through their golden years, according to the survey. But the pandemic dimmed optimism for one-third of workers and one-quarter of retirees. 
“The Americans who are more likely to feel that their futures appear grim since the pandemic are those who were already pessimistic about their futures, due to lower incomes, problems with debt or lower health status,” said Copeland.

A strong majority of retirees still feel their retirement lifestyle and spending are on track.

Lisa Greenwald
CEO of Greenwald Research

Unsurprisingly, inflation and rising expenses are the top concern among workers and retirees feeling less confident about retirement.
When asked an open question about the specific reason for waning retirement confidence, one-half cited inflation and the rising cost of living, said Lisa Greenwald, CEO of Greenwald Research.
Annual inflation has crept higher since the survey in January, rising to 8.5% in March, according to the U.S. Department of Labor, affecting the price of everyday expenses like groceries, gasoline and housing.
However, spending changes in retirement may lessen the sting of some rising costs, J.P. Morgan’s 2022 Guide to Retirement found. Excluding health care, retirees may spend less on other costs, such as food and fuel.

While the Retirement Confidence Survey showed most retirees’ spending was as planned, 1 in 3 said they shelled out more than expected, up from one-fourth in 2021, the survey revealed. 
“This could reflect increased use and desire for travel and leisure as the pandemic lulls,” said Greenwald. “It can also reflect inflation and the increased cost of travel and entertainment for some.
“While it is hard to know which reason is driving the higher expenses, a strong majority of retirees still feel their retirement lifestyle and spending are on track,” she added. 
 

WATCH LIVEWATCH IN THE APP More

The Federal Aviation Administration for a fourth time delayed its environmental review of SpaceX’s Starship rocket program in Texas.
The FAA now expects to release the assessment May 31.
SpaceX needs a license from the FAA to conduct further Starship flight tests and begin operational launches from its private facility in Boca Chica, Texas.

SpaceX’s Starbase facility in Boca Chica, Texas.
Michael Sheetz | CNBC

The Federal Aviation Administration for a fourth time delayed its environmental review of SpaceX’s Starship rocket program in Texas, pushing a decision to the end of May.
SpaceX needs a license from the FAA to conduct further Starship flight tests and begin operational launches from its private facility in Boca Chica, Texas. The FAA, which began its environmental review in November 2020, delayed making a decision three previous times in the past five months – from Dec. 31 to Feb. 28. to Mar. 28 to Apr. 29 – and now expects to release the assessment on May 31.

“The FAA is working toward issuing the final Programmatic Environmental Assessment (PEA) … SpaceX made multiple changes to its application that require additional FAA analysis. The agency continues to review around 18,000 general public comments,” the regulator said in a statement.
Starship is the nearly 400-foot tall, reusable rocket that SpaceX has been developing, with the goal of creating a vehicle that can carry cargo and groups of people beyond Earth. The rocket and its Super Heavy booster are powered by SpaceX’s Raptor series of engines.

SpaceX has completed multiple high-altitude flight tests with Starship prototypes, but its next major step is to reach space. While that milestone was expected to be reached last year, development progress has been delayed. The orbital flight test is also pending regulatory approval.
In February, SpaceX CEO Elon Musk gave a presentation on Starship at the company’s Starbase facility in Texas, outlining the path forward and obstacles for the rocket’s testing.
At the time, Musk said that SpaceX had a “rough indication that there may ben approval in March.” But, in lockstep with the FAA’s delays, Musk since said he hoped SpaceX would be able to launch the first Starship orbital flight in May – which, following Friday’s FAA update, is now pushed to no earlier than June.

One consideration for Musk and SpaceX is what the company would do with its Starship development program if the FAA decides a more in-depth assessment is required. In that scenario, which would likely mean a launch hiatus from Starbase for additional years, Musk has said that moving Starship operations to Florida’s Cape Canaveral would be the most likely alternative. Already, SpaceX has begun building a launchpad for Starship on the grounds of Launch Complex 39A at NASA’s Kennedy Space Center, which SpaceX leases from the agency.
“Worst-case scenario is that we would … be delayed for six to eight months to build up the Cape launch tower and launch [Starship] from there,” Musk said in February.
The regulator’s continuing review represents another item on Musk’s diverse plate of projects, with the billionaire this week selling more than $8 billion worth of Tesla stock as he works to take Twitter private.

Prototypes of SpaceX’s Starship rocket and Super Heavy booster stand at the company’s Starbase facility in Texas.
Michael Sheetz | CNBC

WATCH LIVEWATCH IN THE APP More