Business

Strong labor market report could lead to more Fed hikes

CNBC’s Jim Cramer told investors on Monday that a key labor market report could help drive the Federal Reserve’s inflation strategy.

“We need unemployment to rise while wages remain stable and there are significant layoffs in some industries. saying that we need more sharp rate hikes,” he said.

Stocks fell on Monday to start the week as protests against Covid restrictions in China erupted over the weekend.

The Labor Department is set to release the November nonfarm payrolls report on Friday, Cramer said, and it could end a tough week for the market. “It tends to loosen up a bit in the season before things pick up again in December,” he said.

He also announced the earnings plan next week. All earnings and earnings estimates are provided by FactSet.

Tuesday: working day, CrowdStrike

Working day

  • 2023 Q3 Earnings at 4:00 pm ET; Conference call at 4:30 pm ET
  • Projected earnings per share: 84 cents.
  • Projected revenue: $1.59 billion.

Cramer predicted the company would have a hard time beating its latest “impressive” quarter.

CrowdStrike

  • 2023 Q3 Earnings at 4:05 pm ET; conference call at 5:00 pm ET
  • Projected earnings per share: 48 cents.
  • Projected income: $788 million.

He said he was interested to see if the company could evolve from a pure growth game into a profitable growth name.

Wednesday: Hormel Foods, Petco, Salesforce, Okta.

Gormel Foods

  • 2022 Q4 Earnings at 6:30 AM ET; conference call at 9 am ET
  • Projected earnings per share: 50 cents.
  • Projected revenue: $3.38 billion.

Hormel may follow other food stocks that have stopped falling, Cramer said.

Petko

  • 2022 Q3 Earnings at 7:30 AM ET; Conference call at 8:30 AM ET
  • Projected earnings per share: 16 cents.
  • Projected revenue: $1.49 billion.

He said he was worried the company would report disappointing results.

sales department

  • 2023 Q3 Earnings at 4:05 pm ET; conference call at 5:00 pm ET
  • Projected earnings per share: $1.22.
  • Projected revenue: $7.83 billion.

Cramer said he doesn’t expect co-CEO Marc Benioff to “tolerate” the fact that the stock is one of the worst in the Dow Jones Industrial Average.

Octa

  • 2023 Q3 Earnings at 4:05 pm ET; conference call at 5:00 pm ET
  • Projected loss: loss of 8 cents per share
  • Projected income: $591 million.

“Like many companies in Silicon Valley, I think Okta will have to learn how to live with less. [workers],” he said.

Thursday: Dollar General, Kroger, Ulta Beauty, Marvell Technology

Common dollar

  • 2022 Q3 Earnings at 6:55 AM ET; conference call at 10 am ET
  • Projected earnings per share: $2.54.
  • Projected revenue: $9.42 billion.

Cramer noted that while analysts like the stock, products in the company’s stores are more expensive than before.

kroger

  • 2022 Q3 Earnings at 8:00 AM ET; conference call at 9 am ET
  • Projected earnings per share: 82 cents.
  • Projected revenue: $33.99 billion.

While the company is likely to post a strong quarterly result, he said, people will only care about the status of the company’s planned merger with Albertsons.

Ulta Beauty

  • 2022 Q3 Earnings at 4:00 pm ET; Conference call at 4:30 pm ET
  • Projected earnings per share: $4.13.
  • Projected revenue: $2.21 billion.

Cramer said he expects the company to see a significant increase in profits.

Marvell Technology

  • 2023 Q3 Earnings at 4:05 pm ET; Conference call at 4:45 pm ET
  • Projected earnings per share: 71 cents.
  • Projected revenue: $1.80 billion.

While he believes in stocks, he said, they likely won’t rise until the industry-wide chip glut is resolved.

Disclaimer: Cramer’s Charitable Trust owns stock in Salesforce.

Cramer's plan for the trading week of November 28

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