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‘The sell-off probably isn’t done’

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CNBC’s Jim Cramer on Friday looked ahead to next week’s key market events, which include public remarks from multiple Federal Reserve officials and earnings reports from Nike and FedEx.

The “Mad Money” host’s lookahead came after another down day for Wall Street, with the Dow Jones Industrial Average dropping 533 points Friday to finish up its worst week since October.

“The Fed is in warning mode, and warning mode … can be brutal,” Cramer said, adding that history also shows late June is a tough time for stocks in general. “The bad news is that the sell-off probably isn’t done,” he said.

Revenue and earnings-per-share projections are based on FactSet estimates:

Monday: Bullard speaks

Tuesday: Powell speaks

The Fed remains in focus Tuesday, with Chairman Jerome Powell scheduled to make public comments, Cramer said. He expects Powell will simply acknowledge Bullard’s view, he said, without forcefully pushing back.

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“If Powell doesn’t defang Bullard’s comments and the market falls, I think that’s the time to do some selective buying in higher growth stocks,” Cramer contended, pointing to Adobe, Amazon and Advanced Micro Devices as three companies to consider buying.

Wednesday: Winnebago, KB Home earnings

Thursday: Accenture, Nike and FedEx earnings

Accenture

  • 3Q fiscal 2021 results before the bell; conference call at 8 a.m. ET
  • Projected EPS: $2.24
  • Projected revenue: $12.77 billion

Nike

  • 4Q fiscal 2021 results after the close; conference call at 5 p.m. ET.
  • Projected EPS: 51 cents
  • Projected revenue: $11.09 billion

“We’re expecting a big number from their U.S. business, but at the same time the possibility of a weaker Chinese number … is very much on the table,” Cramer said. However, he said if Nike meets expectations and management avoids any stumbles on the conference call, “I suspect they’ll be rewarded with a series of price target boosts, maybe even an upgrade or two. Great story, but not if China stays as important as it’s been.”

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FedEx

  • 4Q fiscal 2021 results after the bell; conference call at 5 p.m. ET
  • Projected EPS: $4.98
  • Projected revenue: $21.47 billion

“I think FedEx is a fantastic situation, but this is one that may not be able to maintain its momentum,” Cramer said.

Friday: Paychex, CarMax earnings

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Bellie Brownhttps://businesstimes.org
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