Ready for another busy day?
Earnings season sent the markets up, helped by earnings from Goldman Sachs and Bank of America.
Jim Cramer weighed in on some of the top headlines from an already news-packed Wednesday.
Cramer on the Market Rally
Over on Real Money, Cramer wrote about earnings in his morning column.
“Which brings me to yesterday morning’s comeback from the pre-opening lows. We have to remember that you can only go so far with missed numbers, and the numbers were misses, even if every other line besides trading was pretty darned good. I am not picking on JP Morgan, I could say the same thing about Action Alerts Plus holding Citigroup, too,” wrote Cramer. “A few more days of rallying and we will be on quicksand — without some actual, genuine, beats and raises. Another day like yesterday and I think we will be entering the “don’t-be-too-greedy” part of the rally. That’s a sobering place to be,” he continued.
1:35 Real Money’s Stock of the Day: Goldman Sachs
TheStreet’s Bradley Keoun reported on the earnings, which were released Wednesday.
Net income was $2.54 billion versus a year-earlier loss of $1.93 billion, the New York-based bank said Wednesday in a press release. Earnings per share were $6.04, beating the average analyst estimate of $4.30 in a FactSet survey.
Goldman Sachs has recovered from an abysmal trading performance in 2017 that led some analysts to call for the replacement of Blankfein, reported Keoun.
For the full year, Goldman Sachs’ profit more than doubled to $10.5 billion.
4:53 Eddie Lampert’s Winning Bid for Sears
Eddie Lampert, the chairman of bankrupt retailer Sears, SHLDQ has won the right to purchase the iconic U.S. department store chain for $5.2 billion, according to multiple media reports Wednesday, following weeks of negotiations with creditors.
ESL Investments, Lampert’s hedge fund, upped its previous bid of $5 billion in a closed-door bankruptcy auction by adding more cash and assuming more liabilities for the 126-year old retailer, both Reuters and Bloomberg reported, citing sources close to the proceedings held at the Manhattan offices of Weil, Gotshal & Manges LLP, reported TheStreet’s Martin Baccardax.
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