Let's talk about the markets.
Jim Cramer weighs in on Super Tuesday, the coronavirus and Target's earnings.
Let's Talk About the Coronavirus
Central bankers and finance ministers held a conference call about the coronavirus and its potential impact on global economies.
"Given the potential impacts of Covid-19 on global growth, we reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks," the G-7 statement said. "Alongside strengthening efforts to expand health services, G-7 finance ministers are ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase."
"G-7 central banks will continue to fulfill their mandates, thus supporting price stability and economic growth while maintaining the resilience of the financial system," the statement added.
There are now over 90,000 cases worldwide, with 3,100 deaths.
What's On Cramer's Mind?
"Between a rate cut and a $100 million reward for stopping the Covid virus, I would take the $100 million award any day of the week," wrote Cramer.
"As the fear continues, the cessation of business meetings and get togethers sets in, we find ourselves in a real quandary. No matter what you do, if you try to minimize the coronavirus at all with facts about lethality for ages and for compromised groups, you can't win.Which means that fear is driving pretty much everything these days, some rational and some erratic and even threatening," he continued.
And, Finally, Super Tuesday
There are 1,357 delegates at stake, about a third of all delegates.
Millions of voters from Maine to California will head to the polls.
Vermont Senator Bernie Sanders is the front-runner but former Vice President Joe Biden picked up the endorsements of Minnesota Sen. Amy Klobuchar, who on Monday ended her campaign for president, and Pete Buttigieg, the former mayor of South Bend, Indiana, who dropped out on Sunday.
Target posted earnings earnings before the bell Tuesday, March 3.
Target said adjusted earnings for the three months ending on February 1 came in at $1.69 per share, up 10.5% from the same period last year and 3 cents ahead of the Street consensus forecast. Group revenues, Target said, rose 1.8% to $23.4 billion, just shy of analysts' estimates of $23.5 billion. Comparable sales, the company said, rose 1.5%, matching Street forecasts.
Looking into the 2021 fiscal year, Target said it sees a low single digit increase in comparable sales over the first quarter, compared to a 2.7% increase expected from analysts and a 4.8% pace recorded last year. First quarter earnings were forecast in the range of $1.55 to $1.75 per share, compared to the Refinitiv midpoint of $1.67, and $6 to $7 per share for the full year.