It's earnings season!
Jim Cramer has some thoughts on an earnings season that's gone haywire.
"In the old days, when I used to be able sell short stocks, often my goal would be to approximate which companies, come reporting time would miss quarters and cut forecasts. All of these big cyclical companies qualify for those negatives. Therefore, after their earnings were reported, analysts should cut numbers and the stocks should fall. As someone who liked to short, I knew I would pretty much have a guaranteed opportunity to make some money if a company's report hit that criteria," Cramer wrote.
Real Money Stock of the Day AT&T
Let's talk about AT&T after the company posted earnings Monday morning.
"AT&T said adjusted earnings for the three months ending in September came in at 94 cents per share, up 4.4% from the same period last year and one penny ahead of the Street consensus forecast. Group revenues, AT&T said, fell 2.5% to $44.6 billion, missing analysts' forecasts of a $45 billion tally, as it added a much better-than-expected 101,000 new customers to its wireless service that pay a monthly bill," reported TheStreet's Martin Baccardax.
Looking into the near-term, AT&T said it sees adjusted earnings in 2020 of between $3.60 and $3.70 per share and consolidated revenue growth of between 1% and 2% for the next three years.
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