McCormick (MKC) is increasingly becoming an attractive investment opportunity, CNBC’s Jim Cramer said Tuesday.
is increasingly becoming an attractive investment opportunity, CNBC's Jim Cramer said Tuesday, as shares of the spice maker sank after a mixed before-the-bell earnings report.
The stock dropped 10%, extending its 2023 slide to about 18.5%. It's firmly below its pre-Covid-pandemic levels. McCormick shares, which ended 2019 at roughly $85 apiece, traded around $68 each Tuesday. "The fact that the stock is back to where it was before Covid tells you that there might be some value here," Cramer said onOverall, Cramer said he believes McCormick's business is doing well while acknowledging some pain points in the company's third-quarter results. Volumes declined 2% in the three months ended Aug. 31, which McCormick attributed, in part, to a slower-than-expected economic recovery in China.
"They did not report a good quarter. They have better guidance," Cramer said, referring to McCormick's adjusted full-year earnings per share outlook being revised higher.The recent weakness in McCormick's stock may be tied to U.S. government bond yields reaching multiyear highs, Cramer suggested. That's also been a headwind for the overall market lately.
Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club, does not own McCormick. However, the Trust does own consumer stocksStocks making the biggest moves premarket: Warby Parker, HP, Point BiopharmaHunter Biden
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Jim Cramer lauds his ‘Magnificent Seven' tech mega caps as bonds riseCNBC’s Jim Cramer on Monday told investors his “Magnificent Seven” mega-cap tech stocks are the only ones able to compete with the bond market.
Leer más »
McCormick Stock Falls as Sales Hit by China’s Slow Economic RecoveryThe seasonings maker's sales for the Asia-Pacific region declined 16% from last year.
Leer más »
Point Biopharma, ALX Oncology surge premarket; McCormick, Airbnb falls By Investing.comPoint Biopharma, ALX Oncology surge premarket; McCormick, Airbnb falls
Leer más »
Why Pennsylvania GOP's endorsement of Senate candidate McCormick is a big dealHARRISBURG, Pennsylvania — Washington County native David McCormick secured the Pennsylvania Republican Party's endorsement this weekend in his bid to unseat Democrat Bob Casey, the Scranton incumbent who has held the U.S. Senate seat since January of 2007.
Leer más »
Rep. McCormick to Newsmax: Speaker McCarthy Won't Be OustedMoving to remove House Speaker Kevin McCarthy from his position would be a waste of time, Rep. Rich McCormick, R-Ga., told Newsmax on Sunday.
Leer más »
Levi’s, Conagra, McCormick, and More Stocks to Watch This WeekEarnings reports this week from McCormick, Conagra, Constellation, Lamb Weston, and Levi Strauss. Plus, economic data on jobs, manufacturing, and services.
Leer más »