Markets opened mixed on Thursday as economic optimism of a strong corporate earnings season was overshadowed by inflation concerns as weekly unemployment claims came in higher than expected. The Dow Jones Industrial Average fell 114.63 points, the Nasdaq Composite rose 31.85 points and the S&P fell 4.91 points.
Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed Biogen’s earnings (BIIB) – Get Report, AT&T (t) – Get Report, Union Pacific (UNP) – Get Report, CSX (CSX) – Get Report, Southwest (LUV) – Get Report, American Airlines (AAL) – Get Report and Crown Castle (CCIA) – Get Report, as well as cryptocurrency after the B-Word conference, which saw a meeting of Elon Musk, Jack Dorsey and Cathie Wood, and Uber’s (UBER) – Get Report deal to buy Transplace.
Watch the full interview with TheStreet Live at 10:00 a.m. ET in the video below:
American reported an adjusted loss of $1.69 per share on revenue of $7.48 billion. The plane was not following United Airlines Airlines (UAL) – Get Report in forecasting a return to earnings later this year.
Ahead of American’s latest earnings, Cramer real money to discuss the change of mindset regarding aviation stocks.
“That brings me in hindsight, something so fake it’s driving me crazy. Last year we looked at we certain bankruptcies for not just United but all of our airlines, even possibly the best of the best, Southwest Air. It was a given that they had to go because it was a given that you would get COVID if you flew. Sometimes I wonder if people remember those days, the days when we thought airplanes were traps,” Cramer wrote.
AT&T reported adjusted earnings of 89 cents a share on revenue of $44 billion, which is above and below estimates.
The company raised its full-year revenue expectations as it continues to grow its HBO Max subscriber base and cut churn rates in its wireless division. The streetMartin Baccardax reports.
Biogen reported adjusted profit of $5.68 on sales of more than $2.77 billion.
CSX reported net earnings of 52 cents a share on $2.99 billion in revenue, ahead of Wall Street’s estimates.
Crown Castle reported Adjusted Funds of Operations, or AFFO, of $1.71 per share on $1.583 billion in revenue, exceed estimates.
Crown Castle is a holding in Cramer’s Action Alerts PLUS charity portfolio.
Southwest reported adjusted earnings per share of 57 cents on operating revenue of $4.0 billion.
Union Pacific reported adjusted earnings per share of $1.67 on operating revenue of $5.5 billion.
Now that you’ve got your head around earnings, let’s talk about the death – or the so-called death – of FAANG. Participate real money, Thursday, July 22 at 11:30 AM ET Chris Versace, Katherine Ross and Kevin Curran, who contribute to real money, examine the future of the stock group that Wall Street loves to hate.