The Right Fit? Jim Cramer on What Jerome Powell and Levi Mean for the Markets

Jim Cramer weighs in on Levi post-earnings and his thoughts on the uncertain markets.
By Katherine Ross ,

Happy hump day!

Jim Cramer is  watching Levi's post-earnings, and how the market is reacting to Jerome Powell's testimony. 

How Are the Markets Looking?

There are some major headlines moving markets. 

First and foremost is Federal Reserve Jerome Powell's testimony in front of the House Financial Committee, which kicks off Wednesday morning. 

In his prepared remarks ahead of his testimony, Powell said, "Our baseline outlook is for economic growth to remain solid, labor markets to stay strong, and inflation to move back up over time to the committee's 2% objective. However, uncertainties about the outlook have increased in recent months."

But, taking a step back, the markets have been increasingly uncertain this week. So, how should investors approach this market? Cramer's got some advice.

Real Money Stock of the Day: Levi Strauss

Levi Strauss  (LEVI) - Get Report reported earnings after the bell Tuesday. 

On an adjusted basis, Levi earned $69 million, or 17 cents a share, including $29 million of costs associated with the San Francisco company's initial public offering in April. Analysts had been expecting earnings of 15 cents a share.

Net profit in the quarter was $29 million, or 7 cents a share, vs. $77 million, or 19 cents a share, a year earlier.

Revenue of $1.31 billion rose 5.4% from a year earlier. Analysts were expecting revenue of $1.29 billion.

The real hit to the gut for Levi's, however, was that it indicated that sales would likely decline in the second half of the year. 

So, with that, how should investors approach Levi's? Here's what Cramer has to say. 

Related. Levi Strauss Could Droop Near Term, and We'll See If It Shapes Up From There

Watch Jim Cramer's Daily NYSE Show and Replays Below

Loading ...