Business

COMPANIES HAVE always had to answer to their investors. But these days shareholders have new questions—lots of them. On April 28th shareholders in three big drug companies, Johnson & Johnson (J&J), Moderna and Pfizer, are set to vote on resolutions filed by Oxfam, a charity, that seek to widen access to covid-19 vaccines. In May Amazon’s shareholders are due to vote on a proposal from New York state’s pension fund, asking for an audit of the e-commerce giant’s policies on racial equity. Carl Icahn, a notoriously fierce corporate inquisitor, has broadened his attention from profits to pigs. He has filed proposals at McDonald’s and Kroger, a grocer, in a quest to end the confinement of pregnant sows.Listen to this story. Enjoy more audio and podcasts on More

Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer on Friday advised investors to buy stock of Excelerate Energy while it’s a steal.
“If you’re looking for a way to participate in the rise of liquefied natural gas, which you should, I think Excelerate Energy’s a great way to play it, especially now that the stock has pulled back from its highs,” the “Mad Money” host said.

CNBC’s Jim Cramer on Friday advised investors to buy stock of Excelerate Energy while it’s a steal.
“The stock’s a bit cheaper than Cheniere Energy, which is the king of LNG exports here in the U.S., at least when you judge them based on last year’s earnings before interest, taxes, depreciation and amortization. … Valuation seems reasonable to me,” the “Mad Money” host said.

“If you’re looking for a way to participate in the rise of liquefied natural gas, which you should, I think Excelerate Energy’s a great way to play it, especially now that the stock has pulled back from its highs,” he added.
Shares of Excelerate Energy rose 2.02% on Friday but reached a new 52-week low earlier in the day.
Cramer said that he likes the company because it’s a LNG play during a time when “the rest of the world is desperate to import liquefied natural gas from the United States.” He also highlighted the company’s solid financials.
“Excelerate’s got terrific margins. Their EBITDA margin came in at 29.5% last year — I think the EBITDA margin is the right one to watch because it’s a very capital intensive business, so it’s important to back out the financial hit they take from the on-paper depreciation of their floating LNG terminals,” he said, also mentioning the company’s profitability.
However, Cramer also highlighted some downsides of the company, including that it’s a controlled company with founder George Kaiser holding 77% of the voting power. 

Excelerate is also not a direct play on U.S. liquified natural gas exports, Cramer added.
“However, as more and more countries strike deals to buy American natural gas, they’re going to need infrastructure to unload those shipments. And that’s where Excelerate comes in,” he said.
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

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…

Tredegar Corp: “I remember when they became public. I was involved in the deal. I thought it was terrific then, I think it’s terrific now.”

Loading chart…

Bausch Health Companies Inc: “Joe Papa’s going to split into three companies, and I happen to like all three companies. I think it’s going to work. … I’m sticking with Joe. Joe’s a money maker.”

Loading chart…

Diodes Inc: “Very inexpensive semiconductor company, and the semiconductor stocks are hated right now. I think you have to wait until one of the semis, the big guys, really does poorly, and then you can buy this.”

Loading chart…

Warner Bros. Discovery: “I think you’re going to have to take pain [if you own the stock].”
Disclosure: Cramer’s Charitable Trust owns shares of Bausch Health.

WATCH LIVEWATCH IN THE APP More

Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer urged investors to take advantage of down days like Friday to prepare portfolios for the Federal Reserve’s upcoming interest rate hikes.
“You can put a little money to work on days like today … but only if you have the money to begin with,” the “Mad Money” host said.

CNBC’s Jim Cramer urged investors to take advantage of down days like Friday to prepare portfolios for the Federal Reserve’s upcoming interest rate hikes — but only if they have the means to do so.
“After today’s disaster, we’re actually probably good for another beat-down or two before we settle into what I think will be a feeble midweek rebound,” he said.

“Once again, I want to advise you that you need to take a little off the table into any of the bounces to prep you for the coming rate hikes. You can put a little money to work on days like today … but only if you have the money to begin with,” he later added.
The Dow Jones Industrial Average slipped 2.8% on Friday, its biggest loss since October 2020. The S&P 500 tumbled 2.8%, and the Nasdaq Composite fell 2.6%. 
The “Mad Money” host also previewed next week’s slate of earnings. 
All earnings and revenue estimates are courtesy of FactSet.
Monday: Coca-Cola

Q1 2022 earnings release before the bell; conference call at 8:30 a.m. ET
Projected EPS: 58 cents
Projected revenue: $9.83 billion

“I’d be a buyer on weakness because Coke has tremendous pricing power,” Cramer said.
Tuesday: Microsoft, Alphabet, Chipotle
Microsoft

Q3 2022 earnings release after the close; conference call at 5:30 p.m. ET
Projected EPS: $2.19
Projected revenue: $49.01 billion

The company “should have a terrific number … but it might not matter because the stock is expensive,” Cramer said.
Alphabet

Q1 2022 earnings release after the close; conference call at 5 p.m. ET
Projected EPS: $25.70
Projected revenue: $68.07 billion

“People have turned on [Alphabet] now because they think online advertising has stopped growing — I think they’re wrong because Google’s a special case,” Cramer said.
Chipotle

Q1 2022 earnings release at 4:10 p.m. ET; conference call at 4:30 p.m. ET
Projected EPS: $5.64
Projected revenue: $2.01 billion

Cramer said the company is a sell in an environment where interest rates will rise.
Wednesday: Boeing, Meta
Boeing

Q1 2022 earnings release before the bell; conference call at 10:30 a.m. ET
Projected loss: loss of 25 cents per share
Projected revenue: $16.02 billion

“We’ve all gotten used to Boeing being ugly, and I expect more ugly,” Cramer said.
Meta

Q1 2022 earnings release after the close; conference call at 5 p.m. ET
Projected EPS: $2.56
Projected revenue: $28.29 billion

Cramer said he thinks the Facebook parent will miss the quarter and cut their forecast. “I’m keeping some powder dry to do some buying for the Charitable Trust,” he added.
Thursday: Twitter, Amazon, Apple
Twitter

Q1 2022 earnings release before the bell; conference call at 8 a.m. ET
Projected EPS: 5 cents
Projected revenue: $1.23 billion

Cramer said that if the social media company doesn’t announce a new feature or initiative, Elon Musk “should go full corporate raider here and go after Twitter by any means necessary.”
Amazon

Q1 2022 earnings release at 4:01 p.m. ET; conference call at 5:30 p.m. ET
Projected EPS: $8.33
Projected revenue: $116.45 billion

“I think Amazon is meeting no resistance from any other retailer, but it’s still a high-multiple stock, which means it might not be able to put up much of a rally even if the quarter’s spectacular,” Cramer said.
Apple

Q2 2022 earnings release at 4:30 p.m. ET; conference call at 5 p.m. ET
Projected EPS: $1.43
Projected revenue: $94.11 billion

Cramer said that it’s difficult to expect any upside from the iPhone maker considering Covid shutdowns in China.
Friday: Chevron

Q1 2022 earnings release before the bell; conference call at 11 a.m. ET
Projected EPS: $3.42
Projected revenue: $51.14 billion

“I would love to see Chevron stock pull back so we can buy more [for the Charitable Trust] with an even higher dividend yield,” Cramer said.
Disclosure: Cramer’s Charitable Trust owns shares of Amazon, Apple, Boeing, Chevron, Meta and Microsoft.

WATCH LIVEWATCH IN THE APP More

Florida Gov. Ron DeSantis on Friday signed into law a bill revoking the Walt Disney Company’s special district status in the state, just days after the legislation was first introduced on Tuesday.
Disney has up to this point declined to comment on the legislation, but the dispute is likely to end up in court.
Sunsetting the Reedy Creek Improvement District means that local counties will likely be left to foot the bill for potholes and emergency services at Disney World.

View of the Walt Disney statue in front of Cinderella Castle inside the Magic Kingdom Park at Walt Disney World Resort in Lake Buena Vista, Florida.
Getty Images

Florida Gov. Ron DeSantis on Friday signed into law a bill revoking the Walt Disney Company’s special district status in the state, just days after the legislation was first introduced on Tuesday.
The bill, which would see the Reedy Creek Improvement District dissolved, passed the state Senate on Wednesday with a vote of 23-16 and the state’s House of Representatives on Thursday by a vote of 70-38.

Disney has up to this point declined to comment on the legislation, but the dispute is likely to end up in court.
For more than five decades, Disney has been able to make additions to its resort area, including new theme parks, hotels and other tourism experiences, without interference from local counties. That’s set to change in June 2023 now that DeSantis has signed the bill into law.

Widely seen as a contender for the 2024 GOP presidential nomination, DeSantis is locked in a bitter and public feud with the entertainment giant over the company’s denouncement of Florida’s HB 1557 law last month. While proponents of the bill have denied that it is a retaliatory act against Disney, critics see it as retribution for publicly quarreling with the governor.
Reedy Creek was created in 1967 by the Florida legislature so Disney could develop the infrastructure for Walt Disney World at no cost to Florida taxpayers. Disney established and continues to maintain more than 130 miles of roadways and 67 miles of waterways as well as government services such as fire protection, emergency services, water, utilities and sewage.
Tax experts and legislators say eliminating the district could have unintended consequences for county taxpayers. Disney’s special tax district status allows the company to levy an additional tax on itself to pay for municipal services, something that other counties cannot do. That tax currently amounts to $105 million per year, said Orange County tax collector Scott Randolph. Reedy Creek also receives additional revenue of nearly $60 million from Disney to pay its bond debt.

Sunsetting Reedy Creek means that local counties will begin paying for those services without that special status in place. Taxpayers will likely be left to foot the bill for potholes and emergency services.
The counties would also absorb Reedy Creek’s debt. The district historically operates at a loss of around $5 million to $10 million each year, according to its financial reports. But since Disney can subsidize its own operations with theme park revenue, that debt doesn’t have much impact on its bottom line.
According to lawmakers, there’s around $1 billion in debt on the balance sheet that taxpayers would become responsible for should the special district get absorbed, leading to higher taxes.
And salvaging those budgets won’t be easy. State law prohibits counties from raising sales taxes or impact fees to cover costs, and they must tax all areas of the county equally. So, whatever they enact will apply to everyone.
Randolph said the county will likely have to raise property taxes by 20% to 25% to make up the difference.

WATCH LIVEWATCH IN THE APP More

Covid killed more than 415,000 people in 2021 and contributed to the deaths of 45,000 more people, a 20% increase over the first year of the pandemic, when the virus was involved in the deaths of more than 384,000 people.
Only heart disease and cancer killed more people than Covid in 2021, taking the lives of about 693,000 and 604,000 people, respectively.

A medic from Empress EMS loads a suspected COVID-19 patient into an ambulance on April 07, 2020 in Yonkers, New York.
John Moore | Getty Images

Covid-19 was the third leading cause of death in the U.S. last year, with only heart disease and cancer killing more people, according to data released Friday by the Centers for Disease Control and Prevention.
Covid killed more than 415,000 people in 2021 and contributed to the deaths of 45,000 more people, about 20% more than the first year of the pandemic, when the virus was involved in the deaths of more than 384,000 people.

The CDC data, based on death records among U.S. residents from January through December 2021, is provisional and subject to change as more information is reported.
People 85 and older had a higher death rate from Covid than any other age group, and more men died from the virus than women. The death rate was the highest for American Indians when adjusted for age and population. Hispanics, Black people and Pacific Islanders also had higher death rates from Covid than white people. Asians and multiracial individuals had the lowest death rates.
Only heart disease and cancer killed more people than Covid in 2021, taking the lives of about 693,000 and 604,000 people, respectively. Unintentional injuries were the fourth leading cause of death, killing more than 219,000 people.
Though the U.S. began rolling out the vaccines in early 2021, many people did not and still have not gotten their shots. The delta variant also swept the nation in 2021, causing more severe illness than other Covid variants, according to the CDC.
As of Thursday, 34% of the U.S. population was not fully vaccinated and about 23% of the population had not received a single dose. The only age group not yet eligible for vaccination is children under the age of 5 years old.

Unvaccinated people ages 12 and older were 20 times more likely to die from Covid and three times more likely to test positive for the virus than people who had received three doses of the vaccine, according to data presented at a CDC advisory committee meeting Wednesday.
More than 987,000 people have died from Covid in the U.S. since the pandemic began, according to CDC data. Though deaths from Covid have dropped 85% from the peak of the winter omicron wave, about 375 people are still dying every day from the virus on average, according to the data.
In the optimistic scenario, about 96,000 people could die of Covid from March of this year through March 2023, according to the Covid-19 Scenario Modeling Hub, a group of scientists at several top universities and medical institutions including Penn State, Johns Hopkins and the National Institutes of Health.
In the most pessimistic scenario, 211,000 people could die from the virus over the next year if current immunity in the population wanes quickly and a Covid variant emerges that is able to escape immune protection from the vaccines and previous infections, according to the scientists. The methods that the Covid-19 Scenario Modeling Hub uses to make projections were developed in consultation with the CDC.

CNBC Health & Science

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

WATCH LIVEWATCH IN THE APP More

Bed Bath & Beyond has received interest from companies that want to buy its BuyBuy Baby business, according to a Wall Street Journal report.
The home goods retailer agreed last month that it would explore whether it should sell or spin off that banner, as part of a settlement with activist investor and GameStop Chair Ryan Cohen.
The baby gear business has been a bright spot for Bed Bath, especially as it struggles with supply chain challenges and undergoes a broad turnaround effort.

A view of the atmosphere during the Whitney Port & Bundle Organics #MomAsYouAre buybuyBABY product launch on November 17, 2018 in Torrance, California.
Randy Shropshire | Getty Images

Bed Bath & Beyond’s shares have jumped on news that the company is considering offers to buy its BuyBuy Baby business.
The news was reported by The Wall Street Journal, which cited unnamed sources. According to the report, private equity firm Cerberus Capital Management and Tailwind Acquisition are among the companies interested in the baby apparel and supplies retailer.

The home goods retailer recently struck a deal with activist investor Ryan Cohen, chair of GameStop and co-founder of Chewy, who owns a stake in the company through his firm RC Ventures. As part of the deal, Bed Bath agreed to do a strategic review of BuyBuy Baby, one of the bright spots of the company’s business. It also agreed to add three new directors to its board as part of the truce.
The company did not immediately respond to requests for comment.
Led by CEO and Target veteran Mark Tritton, Bed Bath & Beyond is trying to refresh its stores and its brand. Yet investors — including Cohen — have grown impatient as the company has put up declining sales numbers and struggled with supply chain bottlenecks.
Same-store sales dropped 12% across Bed Bath’s business in the most recent quarter that ended Feb. 26, compared with the year-ago period. Over the past two quarters, Bed Bath said it has missed out on a total of about $275 million in sales as it struggles to move merchandise out of ports and onto shelves, causing many popular items to be out of stock.
BuyBuy Baby’s same-store sales, on the other hand, grew by low single digits in the most recent quarter.

In an interview with CNBC in mid-April, Tritton said Bed Bath’s namesake store banner and the baby banner are in different stages. “Where we have one business going through a reformation, we have another one going through accelerated growth” he said.
He said shareholders aren’t giving the parent company credit for the growth of the baby business.
But, he said, “there is no definitive sense that we will spin off BuyBuy Baby. What we’ve agreed to do is review the strategic priority of BuyBuy Baby and how do we unlock the shareholder value more profitably. And there are a number of options on the table.”

WATCH LIVEWATCH IN THE APP More

Fugitive former car executive Carlos Ghosn has said he expects to receive a “fair trial” in France after being issued an arrest warrant.
Speaking to CNBC Friday, Ghosn said he trusted the French justice system to treat him correctly in a clear criticism against Japan.
French authorities on Thursday issued an international arrest warrant for the former Renault-Nissan executive who famously skipped bail in Japan and fled to Lebanon in a box.

Carlos Ghosn, former Nissan chief executive officer, is in an ongoing legal battle amid allegations of financial misconduct.
Bloomberg | Getty Images

Carlos Ghosn has said he would receive a “fair trial” in France after being issued an arrest warrant in the latest of a string of charges brought against the disgraced former auto executive.
Speaking to CNBC Friday in Beirut, Ghosn said he trusted the French justice system to treat him correctly, even if he did not receive the same treatment from the media and wider society.

“I think yes, I can get a fair trial,” he told CNBC’s Hadley Gamble.

“I will not get fair treatment, but I will get a fair trial,” he said, citing the media’s apparently disproportionate coverage of lavish parties and excessive spending during his tenure as an auto CEO.
French authorities on Thursday issued an international arrest warrant for the former Renault-Nissan executive who famously skipped bail in Japan and fled to Lebanon in a box.
The warrant relates to an investigation into allegations of 15 million euros ($16.2 million) in suspicious payments between Renault and an Omani car dealership during Ghosn’s tenure. The allegations involve misappropriation of company assets, corruption and money laundering.

Four others, including current owners or former directors of Suhail Bahwan Automobiles, were also issued with arrest warrants.

It is the latest in a series of accusations brought against the ex-car industry supremo, who was first arrested in Japan in November 2018 and charged with multiple financial misdeeds while running Nissan. Ghosn denies all charges.

‘Suspicious’ timing

Ghosn said Friday that he was not surprised by the arrest warrant, describing it as part of the “natural process” for French investigators. However, he said he was surprised to learn about it, not from authorities, but in a newspaper.
“What surprised me is the fact that I learned about it by reading in an American newspaper,” he said, referring to the Wall Street Journal, which broke the news Thursday.
Ghosn added that the timing of the warrant was “suspicious,” given the forthcoming French presidential elections this Sunday.

Both President Emmanuel Macron and his far-right rival Marine Le Pen have taken tough stances on CEO pay in the lead up to Sunday’s presidential run-off as public scrutiny over the remuneration of France’s top bosses intensifies. The French government is also the largest shareholder of Renault.
When asked about the timing of the arrest warrant, he said he could not speculate.
“I don’t know. I can’t speculate on that. Frankly, the timing is more than suspicious. You know, why do you want to do it today? Why do it Friday? Why can’t you do it Monday, I mean? This is something which has been lasting for years,” he said.
Spokespersons for the French justice ministry, the French government and the judicial court of Nanterre —which is heading the investigation — were not immediately available when contacted by CNBC for comment.
Nonetheless, Ghosn he said he expects any hearing to be independent, regardless of who wins.
“Fortunately in France, justice is somehow independent of the political power, which obviously is not the case in Japan,” he said. Ghosn has repeatedly criticized the Japanese legal system as it continues to pursue him for alleged financial misdemeanors during his time at the helm of Nissan.

Japanese officials, meanwhile, have refuted Ghosn’s claims, defending the country’s justice system as “fair and open.” Japan’s Ministry of Justice published a 3,000-word article in 2020 outlining questions and answers about its treatment of criminals. A spokesperson for the Japanese justice ministry was not immediately available when contacted by CNBC for comment.
Ghosn’s spokesperson said earlier Friday that he would be happy to stand trial in France to clear his name. Still, the feasibility of that remains in doubt.
Ghosn is barred from leaving Lebanon as he is still subject to an extradition request from Japan. Though that request is unlikely to be approved, his passport is currently held by Lebanese authorities.
The Brazil-born auto titan was raised in Beirut and is a citizen of Brazil, France and Lebanon.As a Lebanese citizen, he’s protected from extradition.

WATCH LIVEWATCH IN THE APP More