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How bank stocks must be doing if even Wells Fargo is gaining How Donald Trump and fossil fuels mix
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Cramer: When Even Wells Fargo Gains, Bank Stock Must Be Roaring
Posted on Nov. 17 at 11:43 a.m. EDT
The banks are on fire again Thursday. They are growing off the notion of faster growth in 2017, the deregulation that’s coming and the notion of multiple rate hikes.
I am just putting this note out ahead of our Action Alerts PLUS conference call to say this kind of shallow dip buying confirms what I wrote earlier, which is that we can’t be penny-wise. You simply may not get that large dip the more that we realize that the out-of-control compliance costs could be going away at the same time the rate hikes may be coming.
Top Penny Stocks To Own For 2018: Transocean Inc.(RIG)
- [By Dan Caplinger]
The stock market lost ground on Monday, sending major market benchmarks lower by more than half a percentage point. The Dow lost its grip on the 20,000 mark in the wake of concerns about economic growth and new U.S. immigration policy, and some believe that the broader geopolitical climate could have a negative impact on global commerce that in turn could start affecting multinational corporations’ business prospects. In addition, bad news from some individual companies weighed on the markets, and Transocean (NYSE:RIG), Rite Aid (NYSE:RAD), and New Gold (NYSEMKT:NGD) were among the worst performers on the day. Below, we’ll look more closely at these stocks to tell you why they did so poorly.
- [By Teresa Rivas]
Transocean (RIG) is rising Thursday afternoon, thanks to an upbeat fourth quarter.
Agence France-Presse/Getty Images
The oilfield services company said it earned 63 cents a share (a figure that excludes $13 million in net unfavorable items), well ahead of the nickel a share in earnings analysts expected. Revenue fell 47.4% year over year to $974 million, also above the $806 million consensus estimate. Transocean said its contract backlog was $11.3 billion as of its February fleet status report. Raymond Jamess Praveen Narra and J. Marshall Adkins reiterated an Underperform rating on the stock following the report. They praised the companys ongoing cost controls and strong revenue efficiency, which they expect to continue. But still arent ready to recommend the stock amid a difficult macro backdrop. More detail from their note:
Transocean continued to minimize costs and maximize efficiency amid a challenging offshore environment, reporting 4Q16 adjusted EBITDA of $414 million, higher than our estimate of $363 million and consensus of $394 million. The beat was driven by lower than expected costs of $344 million (adjusting for favorable litigation), which came in ~12% lower than our estimate of $385 million and guidance of guidance of $375-385 million. Total revenue efficiency came in at 100.3%, as it was boosted by bonus incentives and possibly effective results from the new contracting model, particularly in the high-spec jackup market. The beat to our estimates was also driven by higher than anticipated revenues, which came in at $805 million, above our estimate of $788 million, but below the consensus estimate of $812 million. We note, our adjusted revenue excludes $169 million in early termination fees during the quarter.
The shares are up 6.6% to $14.16 in recent trading, although theyre down 4% year to date.
- [By Ben Levisohn]
Shares of Noble have jumped 12% to $7.41 at 2:58 a.m. today, and it’s success has helped boost offshore drillers across the board. Transocean (RIG) has advanced 1.6% to $13.41, Ensco (ESV) has gained 5.8% to $10.73, and Diamond Offshore Drilling (DO) has risen 4.5% to $17.43.
- [By Todd Shriber, ETF Professor]
None of SQZZ's equity positions account for more than 1.9 percent of the new ETF's weight. Those positions include Dow component General Electric Company (NYSE: GE), Sprint Corp (NYSE: S), Chesapeake Energy Corporation (NYSE: CHK) and Transocean LTD (NYSE: RIG).
Top Penny Stocks To Own For 2018: SORL Auto Parts Inc.(SORL)
- [By Lisa Levin]
Sorl Auto Parts, Inc. (NASDAQ: SORL) was down, falling around 8 percent to $3.68. Greenridge Global downgraded SORL Auto Parts from Buy to Hold.
- [By Monica Gerson]
Sorl Auto Parts, Inc. (NASDAQ: SORL) is expected to post its quarterly earnings at $0.20 per share on revenue of $55.35 million.
Clean Diesel Technologies, Inc. (NASDAQ: CDTI) is projected to post a quarterly loss at $0.18 per share on revenue of $10.25 million.
- [By ]
1. Sorl Auto Parts (Nasdaq: SORL)
Shares of this Chinese automobile brake and safety equipment maker are setting up to be an ideal breakout candidate. Sorl supplies automobile brakes and safety equipment to over 75 original equipment manufacturers, most of them in China.
Top Penny Stocks To Own For 2018: Brocade Communications Systems Inc.(BRCD)
- [By Lisa Levin]
Broadcom Limited (NASDAQ: AVGO) and Brocade Communications Systems Inc. (NASDAQ: BRCD) disclosed a definitive deal through which the former would acquire the latter for $12.75 a share in cash. This would translate into a valuation of about $5.9 billion, including $0.4 billion of net debt.
Top Penny Stocks To Own For 2018: Safe Bulkers Inc(SB)
- [By Elizabeth Balboa]
Meanwhile, Safe Bulkers, Inc. (NYSE: SB) rose $0.73 throughout the 2016, Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) fell $1.69 and Navios Maritime Partners L.P. (NYSE: NMM) dropped $0.93.
- [By Ben Levisohn]
StarBulk Carriers (SBLK) and Safe Bulkers (SB) have more than tripled during the past 12 months, while Golden Ocean Group (GOGL) has more than doubled. So it must be time for an upgrade right?
Top Penny Stocks To Own For 2018: BioDelivery Sciences International Inc.(BDSI)
- [By Jim Robertson]
On Friday, our Elite Opportunity Pronewsletter suggested small cap specialty pharmaceuticalstock BioDelivery Sciences International (NASDAQ: BDSI) as a bullish/long trade:
- [By Lisa Levin]
In trading on Tuesday, healthcare shares fell 0.48 percent. Meanwhile, top losers in the sector included MannKind Corporation (NASDAQ: MNKD), down 10 percent, and BioDelivery Sciences International, Inc. (NASDAQ: BDSI) down 10 percent.