Be ready to ‘pounce’ when the market is oversold

CNBC’s Jim Cramer warned investors on Friday not to let their guard down when it comes to their portfolios and be ready to take advantage of good deals.

“In the end, you’ll regret it if you don’t buy anything during the big sell-offs. When the market finally sells off enough, though, you need to get in,” Cramer said.

Stocks rose on Friday but ended a volatile week lower, with losses fueled by warmer-than-expected economic data, the Federal Reserve’s 75 basis point rate hike and its hawkish rhetoric on inflation.

“We’re in a wildly emotional moment that has a lot to do with how individual companies are doing and what Wall Street expects of them. Bottom line? Until these expectations are lowered, you shouldn’t feel safe in anything,” he said.

Cramer said he was looking forward to next week’s consumer price index release, with speeches slated from Cleveland Fed President Loretta Meister that could shake up markets further.

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He also previewed next week’s earnings schedule. All earnings and revenue estimates are courtesy of FactSet.

Monday: Biotech, Take-Two Interactive

Biotech

  • Q3 2022 earnings release at 5 am ET; Conference call at 8 p.m. ET
  • Estimated EPS: $3.34
  • Estimated revenue: $2.02 billion

Investors excited about BioNTech should cross their fingers that the company reports that China has ordered “more than a billion” Covid-19 vaccines, he said.

Take-Two Interactive

  • Q2 2023 earnings at 4:05 pm ET; Conference call at 4:30 p.m
  • Estimated EPS: $1.37
  • Estimated revenue: $1.55 billion

Cramer said it’s an injustice that the company is known as an epidemic game.

Tuesday: GlobalFoundries, Disney, AMC Entertainment

Global Foundry

  • Release before Q3 2022 earnings bell; Conference call at 8:30 am ET
  • Estimated EPS: 62 cents
  • Estimated revenue: $2.05 billion

He said he was interested to know if the chip shortage would get better before the economy took a turn for the worse.

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Disney

  • Q4 2022 earnings released at 4:05 pm ET; Conference call at 4:30 p.m
  • Estimated EPS: 55 cents
  • Estimated revenue: $21.28 billion

The charitable trust is prepared to buy more Disney shares if it drops enough, Cramer said.

AMC Entertainment

  • Q3 2022 earnings released at 4:15 pm ET; conference call at 5 p.m. ET
  • Estimated loss: 22 cents per share
  • Estimated revenue: $961 million

He said while AMC could turn a profit in the latest quarter, he would not bet on it.

Wednesday: Wynn Resorts

  • Q3 2022 earnings released at 4pm ET; Conference call at 4:30 p.m
  • Estimated loss: $1.14 per share
  • Estimated revenue: $871 million

Cramer said his charitable trust is sticking with the stock.

Thursday: Compass, Matterport, Toast

compass

  • Release after Q3 2022 earnings bell; conference call at 5 p.m. ET
  • Estimated loss: 29 cents per share
  • Estimated revenue: $1.45 billion
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Matterport

  • Release after Q3 2022 earnings close; Conference call at 4:30 p.m
  • Estimated loss: 13 cents per share
  • Estimated revenue: $36 million

“The extraterrestrial allowed everyone and anything to go public, so they did,” Kramer said of Compass and Matterport.

Warm breadcrumbs

  • Q3 2022 earnings release at 4:05 pm ET; conference call at 5 p.m. ET
  • Estimated loss: 8 cents per share
  • Estimated revenue: $720 million

Toast has good produce, but good produce doesn’t necessarily make for good stock, Kramer said.

Disclaimer: Kramer’s charitable trust owns shares in Disney and Wynn Resorts.

Cramer's game plan for the trading week of November 7

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