Be ready to ‘pounce’ when the market is oversold

CNBC’s Jim Cramer warned investors on Friday to ignore the guards when it comes to their portfolios and be ready to take advantage of good deals.

“In the end, you’re only going to regret it if you didn’t buy anything on the big stocks. When the market is finally oversold enough, that’s when you need to sell,” Cramer said.

Stocks gained on Friday, but ended an uneventful week, with losses driven by warmer-than-expected economic data, the Federal Reserve’s 75-basis-point rate hike and its tough rhetoric on inflation.

“We’re in a very emotional time that has a lot to do with how individual companies are doing and a lot to do with what Wall Street expects of them. The bottom line? Until these expectations are lowered, you shouldn’t feel it. everything is safe,” he said.

Cramer said he is watching for the release of the consumer price index next week, along with further comments from Cleveland Fed President Loretta Mester that could further shake the market.

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

Monday: BioNTech, Take-Two Interactive

BioNTech

  • Q3 2022 earnings announcement at 5 am ET; conference call at 8 am ET
  • Proposed EPS: $3.34
  • Estimated revenue: $2.02 billion

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

Take-Two Interactive

  • Arrival Q2 2023 at 4:05 pm ET; conference call at 4:30 pm ET
  • Proposed EPS: $1.37
  • Estimated revenue: $1.55 billion

Cramer said it’s unfair that the company is known as a pandemic game.

Tuesday: GlobalFoundries, Disney, AMC Entertainment

GlobalFoundries

  • Prior to the Q3 2022 earnings release call; conference call at 8:30 am ET
  • Proposed EPS: 62 cents
  • Estimated revenue: $2.05 billion
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He said he was interested to know if the chip shortage would improve before the economy took a turn for the worse.

Disney

  • Q4 2022 earnings release at 4:05 pm ET; conference call at 4:30 pm ET
  • Proposed EPS: 55 cents
  • Estimated revenue: $21.28 billion

The Charitable Trust is willing to buy more Disney shares if it drops enough, Cramer said.

AMC Entertainment

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

He said that while AMC could turn a profit in its next quarter, he wouldn’t bet on it.

Wednesday: Wynn Resorts

  • Q3 2022 earnings call at 4 pm ET; conference call at 4:30 pm ET
  • Estimated loss: $1.14 per share
  • Estimated revenue: $871 million

Cramer said his philanthropy remains with the stock.

Thursday: Compass, Matterport, Toast

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Guide

  • After the Q3 2022 earnings release ring; conference call at 5 pm ET
  • Estimated loss: 29 cents per share
  • Estimated revenue: $1.45 billion

Matterport

  • Q3 2022 earnings release after completion; conference call at 4:30 pm ET
  • Expected loss: 13 cents per share
  • Estimated revenue: $36 million

“The boom era allowed everyone and everything to be exposed, so they did,” Cramer told Compass and Matterport.

toast

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

Toast has a good product, but a good product doesn’t necessarily make a good stock, Cramer said.

Disclosure: Cramer’s Charitable Trust owns shares in Disney and Wynn Resorts.

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

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