Cramer on market plunge: Coronavirus impact on companies could be 'more severe than thought'
The global stock market sell-off on the widening outbreak of coronavirus beyond China indicates further negative effects on U.S. multinational companies' earnings, CNBC's Jim Cramer said.
www.cnbc.com
The global stock market sell-off on the widening outbreak of coronavirus beyond China indicates further negative effects on U.S. multinational companies’ earnings, CNBC’s Jim Cramer said Monday.
With U.S. stock futures pointing to a more than 800-point decline at Monday’s open for the Dow Jones Industrial Average, Cramer tweeted just before 5 a.m. ET that he wanted to “deal with the facts” and not engage in speculation.
Jim Cramer
✔@jimcramer
https://twitter.com/jimcramer/status/1231880888587255808
Jimmy Chill knows if you call it an overreaction and it gets worse , you are a fool, if you say it's only going to get worse then you are a fear-monger.. So let's just deal with the facts. We have lost containment. Now we need to slow it.
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4:57 AM - Feb 24, 2020
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Later in the premarket, the Dow regained some of the lost ground.
Coronavirus cases spiked in Italy as the euro zone’s third-largest economy grapples with the largest outbreak outside of Asia: more than 150 reported cases and four deaths.
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South Korea’s cases climbed to more than 830, with seven deaths.
Global confirmed cases rose to nearly 79,500 with over 2,600 deaths — still with the vast majority of cases and deaths in China where the COVID-19 virus originated.
Cramer, host of CNBC’s “Mad Money,” said the global nature of the outbreak makes it tougher to address.
Jim Cramer
✔@jimcramer
https://twitter.com/jimcramer/status/1231880378631192577
Cure, Not yet.. Prevention...not yet... But death rate lower than the media wants to make out. However, the commercial effects--my job--could be more severe than thought...
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4:55 AM - Feb 24, 2020
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Jim Cramer
✔@jimcramer
https://twitter.com/jimcramer/status/1231879736814686218
We will get through this.. I know i have been very negative about many stocks.. I still can't be that positive given that we have been very successful keeping travelers from China out of the U.S. but now many other countries have COVID 19
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4:53 AM - Feb 24, 2020
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On Friday, Cramer was already warning that the market was not taking the coronavirus seriously enough as major U.S. companies including Apple, Coca-Cola, and Procter & Gamble sounded the alarm about dents in profits down the road.
“The virus is totally underrated,” Cramer said at the end of last week.
“What I think is a little too premature is they all presume that it is going to be solved within a foreseeable time frame,” he said Friday. “At what point do we say that many, many companies are going to be hurt by the virus [and] we’re paying too much for stocks?”
Intensifying outbreak concerns sent the Dow down 227 points or 0.8% on Friday, breaking a two-week winning streak.
Cramer also tweeted about Warren Buffett’s comments on CNBC on Monday morning. The billionaire Berkshire Hathaway chief said he sees Monday’s market slide as a buying opportunity because he looks at a long time horizon.
Jim Cramer
✔@jimcramer
https://twitter.com/jimcramer/status/1231900465144762368
I think that Warren will be right, of course, because it is pretty hard to be wrong when you can outlast any decline... You can always wait.. It is not a sin to wait...
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6:15 AM - Feb 24, 2020
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Jim Cramer
✔@jimcramer
https://twitter.com/jimcramer/status/1231903865395695617
Earnings warnings mean nothing to Warren and that's terrific. I think his view can't be wrong... Ever. That's fine.. he's been right. He will be right. But maybe cash will give you a better entry. http://www.realmoney.com
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6:29 AM - Feb 24, 2020
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