Happy hump day!
Jim Cramer has some thoughts on Eli Lilly (LLY) - Get Report and Elizabeth Warren, FedEx (FDX) - Get Report after it missed earnings and why Boeing's (BA) - Get Report CEO is still in the driver's seat at the company.
Stop Being So Pessimistic
Cramer has been writing about pessimism in his Real Money column over the past couple of days.
"Most people I know don't ask why a stock is going to go higher, they ask, why isn't that stock lower? And that's why I find most people missed a lot of tremendous individual moves. They were too worried about the downside, too set on the potential losses and too willing to suspend their corroded critical faculties -- augmented, often, by a visceral hatred of the president -- to see how the risk-reward changed so drastically in 2019," he wrote.
"Yes, 2019 is the year of Joan Didion, The Year of Magical Stock Thinking," he continued.
The world's biggest package delivery group issued its second profit warning of the year amid slowing global trade and increasing pressures from rival shipping companies.
FedEx said non-GAAP earnings for the three months ending in November, the group's fiscal second quarter, fell 37.7% from last year to $2.51 per share, well shy of the Street consensus forecast of $2.76. Group revenues, FedEx said, slipped 2.8% to $17.3 billion but came in just ahead of analysts' forecasts.
Eli Lilly's CEO Fires Back at Elizabeth Warren
Last night, Cramer spoke with David Ricks, chairman and CEO of Eli Lilly, the drugmaker with shares that are up 81% for the year and which have added more than 41% in just the past three months.
When asked about the controversy surrounding insulin prices and availability, Ricks said the issue is not with Eli Lilly but rather with the underlying economics of drug wholesalers and middlemen, which prefer not to carry low-margin drugs.
Ricks also fired back at Elizabeth Warren after she accused the drugmaker of failing to go through with its pledge to provide lower-priced insulin. Ricks called the accusation "nonsense."