Connect with us

CNBC

Cramer’s week ahead: This is the ‘most overbought market in history’

Avatar

Published

on

CNBC’s Jim Cramer on Friday said a confluence of late buyers and rebound sellers defined the trading activity of the session.

After a roller-coaster day where the Dow Jones Industrial Average ran as high as 3% before dropping as low as 0.2% during intraday trading, the 30-stock index finished the day up 477 points, or 1.90%, to close at 25,605.54.

The S&P 500 ended up 1.31% at 3,041.31 and the Nasdaq Composite gained 1.01% to close at 9,588.81.

“When you try to rebound from a down-1,800-point day, what we had yesterday, you do get all these anxious” investors who run “smack into a wall of sellers” who are “delighted to get out at a higher price,” the “Mad Money” host said. “That’s what defined today’s choppy action.”

Cramer said the market is being shaped by amateur investors biting at low dollar stocks and warned that “rampant speculation” tends to end in disappointment. He said the market, which is attempting to bounce back after being hobbled by the coronavirus pandemic, was due for a pullback.

“If that keeps happening, then we haven’t seen the last of those painful reversals, like we had yesterday or in the middle of the day [today], as we work off the most overbought market in history, or at least the most overbought market since S&P started measuring these things 35 years ago,” the former hedge fund manager said. “It got too easy and now we all have to suffer as the get-rich-quick crowd gets blown out.”

Friday marked the end of a three-week win streak as investors weigh the odds of another Covid-19 outbreak that could slow down America’s reopening efforts.

“As long as you think we aren’t going into a second lockdown, even as Covid cases spike, then you want to buy your favorite stocks into weakness here,” Cramer said.

He went on to give a preview of what’s to come for the market next week. All earnings projections are based on FactSet estimates.

Monday: Empire State Manufacturing Survey

The Federal Reserve Bank of New York will reveal its June survey of manufacturers in New York, which will give investors a read on general business conditions in the state and region. The May survey came in at minus 9, which followed a record low reading of minus 78.2 in April.

The report “will tell us whether we’re dealing with a Covid-19 depression or just a recession,” Cramer said. New York City is the “hardest hit area in the country, so I bet this is going to be the worst number ever recorded. If we get a spike in new cases over the weekend … and we get a lousy Empire Manufacturing number, then Monday’s gonna be bad.”

Tuesday: Lennar, Oracle earnings

Lennar reports earnings for its fiscal 2020 second quarter before the market opens. Executives of the homebuilder will host a conference call at 11 a.m.

  • Projected revenue: $5.11 billion
  • Projected EPS: $1.20

“Housing’s roaring because ultra-low mortgage rates have brought out buyers and tons of people are fleeing cities for the suburbs,” Cramer said. “The problem here is that we all know Lennar will report a good quarter, so it won’t surprise anymore, and if it doesn’t’ surprise anyone then it might not go up.”

Oracle reports fiscal 2020 fourth-quarter results after the market closes.

  • Projected EPS: $10.66 billion
  • Projected EPS: $1.15

Just like Lennar, Oracle must meet a high bar for its stock to run on the report, although the company “always manages to say something positive and it inches up the stock a little bit,” he said.

Wednesday: Federal Reserve; housing data

Federal Reserve Chairman Jerome Powell is scheduled to deliver a semiannual monetary policy report to Congress at noon.

Cramer called the central bank’s head the “hero of the stock market” for shutting down any thought about raising the overnight bank lending rate earlier this week.

The U.S. Census Bureau is set to release its housing starts data for the month of May.

“The only part of the economy that’s doing really well right now is housing,” he said. “I bet [the results are] strong, but, again, not enough to move the needle on the $19 trillion economy.”

Thursday: Kroger earnings

Kroger reports fiscal 2020 first-quarter earnings in the morning.

  • Projected revenue: $40.43 billion
  • Protected EPS: $1.07

“The supermarket business has become, really, dog-eat-dog. Kroger’s not doing the eating; they’re being eaten,” Cramer said. “But ever since Warren Buffett … bought a $500 million stake at the end of February, Wall Street’s fallen in love with this thing. I think that’s about to end after we see these numbers.”

Friday: CarMax, Jabil

CarMax reports fiscal 2021 first-quarter earnings before the morning bell.

  • Projected revenue: $2.54 billion
  • Projected EPS: 3 cents

“CarMax sells used cars and with all these new social distancing rules, I bet car ownership is headed higher,” Cramer said.

Jabil reports third-quarter earnings for fiscal 2020 before the market opens for trading.

  • Projected revenue: $5.61 billion
  • Projected EPS: 34 cents

“They usually have quite a bit of work for Apple, and we know Apple’s stock has been a real horse here,” he said. “Maybe Jabil can explain what’s driving it, although they can’t mention Apple by name because Apple doesn’t like that. You’ve got to read between the lines.”

Disclosure: Cramer’s charitable trust owns shares of Apple.

Disclaimer

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer’s world? Hit him up!
Mad Money TwitterJim Cramer TwitterFacebookInstagram

Questions, comments, suggestions for the “Mad Money” website? madcap@cnbc.com

Source: https://www.cnbc.com/2020/06/12/cramer-week-ahead-this-is-the-most-overbought-market-in-history.html

CNBC

Google Assistant’s driving mode for Android is nearly ready, one year later

Avatar

Published

on

Sponsored Links

Google Assistant driving mode on Android
Google

Google promised an Assistant driving mode for phones would arrive in mid-2019, but that clearly didn’t happen — over a year passed without any sign of it. It appears to be ready, though. XDA-Developers has discovered (via Android Police) that Google Assistant’s driving mode is at least partially enabled for Android users. The interface has changed considerably from the I/O 2019 demo you see above, but the concept remains the same with large buttons and text that let you chat, message and play music while keeping your driving distractions to a minimum.

The rollout appears to be server-side, and might be part of a test. It’s not attached to any particular versions of Google’s Maps or search apps, and also works on a variety of devices. Your access might depend on your account.

We’ve asked Google for comment.

It’s rare for Google to have Android feature delays this long, and it’s not certain what prompted the extended wait. However, the redesign suggests that Google wasn’t completely satisfied with the Assistant driving mode it showed at I/O. Whatever the reasoning, this gives you one more way to handle common tasks during your trips.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Comment
Comments

Share
129 Shares

Share

Tweet

Share

Source: https://www.engadget.com/google-assistant-driving-mode-215249421.html

Continue Reading

CNBC

Cloud leak exposed sensitive data from over 200,000 voicemails

Avatar

Published

on

Sponsored Links

Close-up of two IT technician talking and looking at their digital tablets while examining servers.
vm via Getty Images

Some data leaks contain more sensitive info than most. Security researcher Bob Diachenko and Comparitech discovered (via Threatpost) that Broadvoice, a cloud VoIP provider for businesses, left over 350 million records exposed online in an unprotected cluster, including 2 million voicemail records with 200,000 transcripts. Many of those transcripts included sensitive data, and not just common elements like names and phone numbers — medical conditions, mortgages and insurance policies were all left open.

The largest general data collection, 275 million records, typically included full names, phone numbers, and cities.

The company told Comparitech that the data had been stored on September 28th and was locked down October 2nd, a day after Diachenko notified Broadvoice. There hasn’t been evidence of “misuse” so far, the company said. Marketing VP Rebecca Rosen told Threatpost that it believed “less than 10,000” businesses were impacted, although that doesn’t say how many of those companies’ customers were at risk.

The practical damage appears to have been limited as a result. Even so, this illustrates the dangers of insecure data. The wrong decision can expose vast amounts of info, and it can only take a subset of that data to create serious problems.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Comment
Comments

Share
111 Shares

Share

Tweet

Share

Source: https://www.engadget.com/broadvoice-voicemail-data-leak-211913573.html

Continue Reading

CNBC

Meet the dairy firm hoping to power its delivery trucks using cow manure

Avatar

Published

on

Like many large businesses, dairy company Arla Foods has grand plans to reduce its greenhouse gas emissions and the firm aims to be carbon net zero by 2050.

Around 85% of Arla’s total emissions come from the co-operative of 10,000 farms it has across Europe, a combination of the methane and nitrous oxide from the cows themselves, as well as from the fuel needed for milking and other operations.

It is hoping one of the ways it will get there is by harnessing one of its most readily-available resources: the manure produced by the half a million cows on its U.K. farms alone.

It is in the middle of a three-month trial looking at the viability of turning manure into fuel for its delivery trucks, working with two farms to collect the raw material that would usually be used by farmers as a fertilizer.

The manure, combined with other materials such as food waste, are put into an anaerobic digester that acts like a cow’s stomach, to produce gas, which is then cleaned and liquified into fuel that Arla then uses to power two of its milk trucks. Currently, Arla is running the trial with two of its farms in Buckinghamshire, a county northwest of London, said Graham Wilkinson, the company’s agriculture director.

“We collect it off two farms as part of the trial … but we’ve got 2,500 (U.K. farms) to go in the longer term, so there’s definitely the opportunity to scale up. We’ve got plenty of cow manure,” Wilkinson told CNBC by phone.

The U.K. pilot follows a 2019 trial in Sweden, where Arla’s farms have the potential to produce biofuel that is equivalent to 54 million liters of diesel [source]. That trial showed that running a truck on biofuel is cheaper than using diesel, but the vehicles themselves are more expensive, Wilkinson said. “The ambition would be to go down this (biofuel) route and for it to be more financially viable than diesel. We need to think differently from diesel anyway,” he added.

“For every liter of diesel that … we replace with biofuels, we actually reduce our carbon emissions by (about) two kg … So you’re actually having a sort of double positive (effect) on our emissions,” Wilkinson added.

The anaerobic production process also produces a substance called digestate, which farmers can use as a natural fertilizer for crops. Usually, they’d spread slurry and manure directly on to crops, but that is very watery, Wilkinson explained. “(There’s) a tougher consistency within the digestate, which actually (has) more nutrients. So, ultimately, what (the farmers) get back is of a higher value,” he said. Eventually, Wilkinson would like to get to a point where farmers wouldn’t have to use nitrous oxide-rich manufactured fertilizer that currently contributes to carbon emissions.

As well as benefiting the environment and farmers, another long-term aim is to save money, in an industry where the price paid for milk fluctuates. Farmers called for shoppers to boycott U.K. supermarkets over dairy prices in 2015, while Sardinian producers poured sheep’s milk into the streets during a 2019 protest.

“Throughout our whole supply chain we are relentlessly looking at how we do things, and how we can simplify it … the potential with this (biofuel trial) … is it could be another example of where we could actually take cost out and benefit our farmers at the same time,” Wilkinson stated.

Transforming manure into biofuel is not brand new: a renewable natural gas facility that uses manure from 33,000 dairy cows opened in Oregon in December, while Ugandan firm Green Heat International is turning agricultural waste into energy to help power homes in the country.

Luke Sharrett | Bloomberg Getty Images

Big energy

Creating energy from food waste is something that oil company Phillips 66 hopes to be able to do on a huge scale. It is planning to spend around $800 million to turn its San Francisco refinery in Rodeo, California into a renewable fuel plant, which it claims would be the world’s largest.

Phillips 66 announced the plan in August and if it gets approved by authorities, the “Rodeo Renewed” project would produce 680 million gallons of biofuels a year and is likely to begin production in 2024. The raw materials include used soybean and cooking oil and other fats (known as renewable “feedstocks”) and would be delivered to the plant via its existing marine and rail terminals, said Joe Gannon, senior advisor for external communications at Phillips 66, in an email to CNBC.

“Due to the facility being the largest in the world, the feedstocks will be sourced both domestically and internationally and are currently under evaluation to ensure reliable supply and minimization of impact to the environment,” Gannon stated.

Infrastructure is also something Arla is keen to have more of, and Wilkinson wants government backing in building anaerobic digestion (AD) facilities. “We’re relatively confident that from a financial perspective it is a viable option, but if we haven’t got the AD (anaerobic digester) facilities to be able to utilize, then that’s where we need support,” he told CNBC.

Source: https://www.cnbc.com/2020/10/16/arla-dairy-firm-hoping-to-power-delivery-trucks-with-cow-manure.html

Continue Reading
Energy1 hour ago

Global Force Sensors Markets to 2025: Improvement of Medical Devices with Force Sensor Technology will Drive the Market

Energy1 hour ago

Black Mamba Rod Lift and Oil Baron Supply Join Forces, Increasing Run-Times, Preventing Tubing Wear and Cavitation in Progressive Cavity Wells.

Esports1 hour ago

2K Games Alienates Players by Adding Unskippable Ads to NBA 2K21

Esports1 hour ago

Get Hype for Halloween With Hyper Scape’s Latest Event Trailer

Energy1 hour ago

Waterproofing Systems Market by Type, Application, and Region – Global Forecast to 2025

Esports1 hour ago

Rocket League Haunted Hallows Event Returns Oct. 20

Energy2 hours ago

$824 Million Worldwide Mobile Substation Industry to 2027 – Impact of COVID-19 on the Market

Esports2 hours ago

League of Legends Preseason 2021: 5 Things We Want

Esports2 hours ago

The Sims 4 Snowy Escape Pack Trailer Reveal is Coming Tuesday

Energy2 hours ago

Georgia Power launches new careers website for students as part of Careers in Energy Week

Cleantech3 hours ago

GM Unveils Factory ZERO

Cleantech3 hours ago

Volvo Trucks Receives Grants to Deploy VNR Electric Trucks in Southern California

Energy5 hours ago

Freeport-McMoRan’s Steve Higgins Elected as Chairman of the Board of the International Copper Association

Energy5 hours ago

Nufarm and CROP.ZONE Announce Cooperation to Bring Alternative Weed Control to Major European Markets

Energy5 hours ago

Global Belt and Chain Drives Market, 2020-2024: Growth Opportunities in Collaboration & Use of Newer Materials Enabling Broader Capabilities

Energy5 hours ago

New Report Shows Critical Impact of Oil and Gas Industry in Los Angeles County

Big Data5 hours ago

Best Apps to Check Internet Speed

France
Esports6 hours ago

Python joins Heretics

Energy6 hours ago

Ultra Safe Nuclear Technologies Delivers Advanced Nuclear Thermal Propulsion Design To NASA

AR/VR6 hours ago

The Virtual Arena: The Ascendance of Arena-Scale Entertainment – Part 1

AR/VR7 hours ago

Pimax Secures $20m in Series B Funding Round

Fintech7 hours ago

Minimum Wage Workers Can Now Get Guaranteed Payday Loans No Matter What In Canada

Energy8 hours ago

Volvo Trucks Awarded $21.7M from U.S. EPA and South Coast AQMD to Deploy 70 Class 8 VNR Electric Zero-Emission Trucks

Energy8 hours ago

Trilliant Partners with 1NCE for a Cost-Effective Cellular Solution to Cover the Last Mile for IIoT

Energy8 hours ago

LyondellBasell Hosts Annual Global Care Day Supporting Food Security

Energy8 hours ago

Insider Buying Signals Gold Industry Momentum

Energy8 hours ago

In New Book, Veteran Journalist Shows How to End California’s Water Wars, Protect Habitats and Meet State’s Water Needs

Blockchain8 hours ago

How Does the Future Look for Cryptocurrencies in the Financial Market?

Cyber Security9 hours ago

Simple Steps To Protect Your Business Data Across Mobile Devices

Russia
Esports9 hours ago

BLAST Premier Fall Series schedule revealed

Norway
Esports10 hours ago

Apeks sign jkaem

Blockchain11 hours ago

How Blockchain Can Help Your Business Grow

Cyber Security11 hours ago

Quelques conseils pour améliorer la sécurité informatique afin de ne pas perdre des données personnelles

Aviation12 hours ago

Norwegian’s New Airbus A321LR Fleet – What To Expect

Ripple Price
Blockchain13 hours ago

Charted: Ripple (XRP) Technicals Suggest a Crucial Breakdown Below $0.24

Fintech13 hours ago

Insurtech Bolttech Expands Its Footprint to South Korea With LG U+

Aviation13 hours ago

Remember The Interjet-Aeromar Codeshare? Its Over

Blockchain13 hours ago

Savvy Traders Are Capitalizing on Two New Crypto Assets, Says Bitcoin Bull Tyler Swope – Here’s How

Aviation14 hours ago

One Of The World’s Busiest International Routes Is Less Than 300km Long

Aviation14 hours ago

Western Sydney cover up possible, hints top bureaucrat

Trending