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For an industry based on fact-finding, the media sure does get the story wrong. At least that’s what Cramer said during Wednesday’s Mad Money. Which story specifically was he talking about? Take your pick: this earnings season, commercial real estate, retail – the list goes on.
“How are you supposed to profit when the stories you read are so biased and incorrect?” Cramer asked.
His latest gripe was with retail coverage. And he didn’t have to look further than today’s Wall Street Journal to find glaring examples of flawed reporting. The first culprit: “Reluctant Shoppers Hold Back Recovery.” This story claimed that consumers weren’t spending, and that was keeping the economy down longer than necessary. Target’s [TGT
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] alleged underperformance was named as proof of the trend.
Strange, though, because this report contradicts what Target had said during its earnings call. In fact, TGT was among four sector heavyweights – including Walmart [WMT
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], Kohl’s [KSS
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] and Jones Apparel [JNY
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] – that pointed to signs of a turn. They even predicted a stronger-than-expected back-to-school season, which was another thing the press had dismissed as impossible in the current environment.
Here’s another WSJ article that got the story wrong: “Home Depot, Lowe's Feel Impact as Homeowners Skip Pricey Projects.” As Cramer discussed during Tuesday’s show, there’s a big difference between these two companies right now. Home Depot [HD
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] is executing well, Lowe’s [LOW
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] is not. So while HD’s economic forecast was negative, management felt confident enough in their business plan to raise their earnings estimates. Wall Street offered praise where it was due, taking the stock higher. Lowe’s? It’s down 10% since the quarter.
And one more just in case you need more convincing: “Target Profit Declines, Hurt by Credit-Card Unit.” Cramer said the credit-card unit was a big reason TGT’s quarter made investors so happy. Defaults, the biggest risk of the quarter, came in much lower than expected. Hence, the stock’s 10% jump.
Seeing a trend here? While the media can’t seem to admit it, the US economy and markets are enjoying a number of positives right now, not the least of which is growing strength in retail. So anyone who believed these stories missed some great moneymaking opportunities.
“You have to be skeptical when it comes to the press,” Cramer said.
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