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.

“Ultimately, you’re going to feel bad if you don’t buy anything during the big sell-offs. When the market eventually gets oversold enough, though, that’s when you have to,” Cramer said.

Stocks gained on Friday but ended a volatile week lower, boosted by warmer-than-expected economic data, a 75-basis-point rate hike by the Federal Reserve and dovish rhetoric around inflation.

“We’re in an incredibly emotional time, and it has a lot to do with how individual companies live and what Wall Street expects of them. Anything is safe,” he said.

Cramer said he’s looking ahead to next week’s consumer price index release, along with speeches from Cleveland Fed President Loretta Mester that could shake up the market further.

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

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Monday: BioNTech, Take-Two Interactive

BioNTech

  • Q3 2022 earnings release at 5 a.m. ET; conference call at 8:00 a.m. ET
  • Estimated EPS: $3.34
  • Estimated revenue: $2.02 billion

Investors bullish on BioNTech should keep their fingers crossed that the company announced that China had ordered “over a billion” of Covid-19 vaccines.

Take-Two Interactive

  • Q2 2023 Earnings at 4:05 PM ET; conference call at 4:30 PM ET
  • Estimated EPS: $1.37
  • Estimated revenue: $1.55 billion

Cramer said it’s unfair for the company to be known as a pandemic play.

Tuesday: GlobalFoundries, Disney, AMC Entertainment

GlobalFoundries

  • Q3 2022 earnings released ahead of the bell; conference call at 8:30 a.m. ET
  • Estimated EPS: 62 cents
  • Estimated revenue: $2.05 billion

He said he’s interested to see if the chip shortage will improve before the economy takes a turn for the worse.

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Disney

  • Q4 2022 Earnings Released at 4:05 PM ET; conference call at 4:30 PM ET
  • Estimated EPS: 55 cents
  • Estimated revenue: $21.28 billion

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

AMC Entertainment

  • Q3 2022 earnings release at 4:15 pm ET; conference call at 5:00 PM ET
  • Estimated loss: 22 cents per share
  • Estimated revenue: $961 million

He said that while AMC may turn a profit in its latest quarter, he would not bet on it.

Wednesday: Wynn resorts

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

Cramer said he is sticking with his Charitable Trust shares.

Thursday: Compass, Matterport, Topa

the compass

  • Q3 2022 earnings released after the bell; conference call at 5:00 PM ET
  • Estimated loss: 29 cents per share
  • Estimated revenue: $1.45 billion
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Matterport

  • After closing earnings for the 2022 quarter; conference call at 4:30 PM ET
  • Estimated loss: 13 cents per share
  • Projected revenue: $36 million

“Thanks to the age of excess, everyone and everything was public, so they did it,” Cramer said of Compass and Matterport.

toasts

  • Q3 2022 Earnings Released at 4:05 PM ET; conference call at 5:00 PM ET
  • Estimated loss: 8 cents per share
  • Projected revenue: $720 million

Toast has a good product, but a good product is not necessarily a good stock, Cramer said.

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

Cramer's game plan for the November 7 trading week

Jim Cramer’s Guide to Investing

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