Opinions
Jim Cramer - Mad Money
Gap
GPS-N
BUY
Nov 20, 2023
$18.080
Stock price when the opinion was issued
specialty stores
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SELL
He sold 20 positions and now has his highest cash position (over 60%) since 2008. The reason is that he doesn't know what will happen with the economy and is bracing for a big decline if that happens. If so, he will buy back these shares at a lot lower price. He sold Gap, among others. He often gets Gap emails touting 60-70% off. He sold many retailers, because he expects them to slash prices to move inventory. Higher interest rates are another worry.
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WEAK BUY
Really suffering today, despite the good print. Company estimated $300M in costs due to tariffs, but that tariffs will be neutral in the long term. If you're looking for a retail stock, a good name to buy now.
But is retail a good thing to own? It's a very tough trade, just like airlines. You have to be right, and it's very economically sensitive. Jeff Bezos says that, eventually, all retailers go broke.
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Shares had fallen before last week's report. They beat far better same-store sales and an earnings beat which surprised the street. Shares soared over 30% last Friday, hammering short-sellers.