'Tis the season.
Let's Start With Impeachment
President Donald Trump was impeached by the House of Representatives on Wednesday evening, making him only the third U.S. president to be formally impeached.
The House approved two articles of impeachment - one for abuse of power and the other for obstruction of Congress - with the vote almost entirely along party lines.
The impeachment grew from Trump’s decision to withhold military aid to Ukraine for its war with Russia unless the country’s new president agreed to announce an investigation of potential 2020 Democratic party presidential nominee Joe Biden.
Trump joins Andrew Johnson in the 1860s, and Bill Clinton in the 1990s, as the only presidents to be impeached. Richard Nixon resigned from office in 1974 before the House could hold a formal vote on the articles of impeachment drawn up against him in connection with the Watergate scandal.
And, as Cramer points out in his morning column over on Real Money, there are quite a few similarities to the stock market back when Clinton was impeached and now.
But let's take a look at the similarities now versus then.
First, we had three interest rate hikes from the Federal Reserve in 1998. We had had three in 2019.
Then there's the market hitting all-time highs in 1998. Again, that's happening in 2019.
And, finally, let's look at the dates of impeachment. Clinton was impeached on Dec. 20, 1998. President Trump was impeached on Dec. 18, 2019.
Here are the stock similarities between 1998 and 2019.
Real Money stock of the day Micron posted fiscal first-quarter earnings that topped analysts' estimates and said that its fiscal second-quarter "will be the cyclical bottom for our financial performance."
Micron said it expects second-quarter adjusted earnings of 29 cents to 41 cents a share on revenue of $4.5 billion to $4.8 billion. Analysts had been calling for profit of 39 cents a share on revenue of $4.75 billion.
“With our strong execution and improving industry conditions, we are optimistic that Micron’s fiscal second quarter will be the cyclical bottom for our financial performance,” said Micron President and CEO Sanjay Mehrotra.