Jim Cramer’s daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Kohl’s : Shares fell about 2% after the department store chain delivered a fourth-quarter earnings beat, but same-store sales declined more than expected. The midpoint of Kohl’s guidance also was below expectations. However, “if you own it, keep it,” Jim Cramer suggested, referring to Kohl’s stock. Kohl’s is not as good as other retailers, “but it’s getting better,” Cramer said, touting “legendary” CEO Tom Kingsbury’s past leadership of Burlington Stores. On Holding : Shares plunged 14% after the buzzy Swiss shoemaker’s quarterly earnings missed estimates alongside a slightly softer-than-expected outlook. The numbers were “disappointing,” Cramer said. He added, “I would avoid On Holding until we get a reacceleration of earnings.” Southwest Airlines : The company said in a securities filing it is “reevaluating all prior full year 2024 guidance” due to aircraft delivery delays from Boeing . Shares of Southwest fell more than 14% Tuesday. “This company should not be hostage to Boeing, but they are. The problems with Boeing are far-reaching. There is still no resolution, and that’s going to hurt Southwest until we get it,” Cramer said. 3M : Bill Brown, formerly of L3Harris Technologies , is set to take over as CEO of the industrial conglomerate on May 1, replacing Mike Roman. Roman became CEO in 2018. While shares of 3M popped almost 5% on the news, the stock is still down more than 50% over the past five years amid legal battles and other business challenges. “We had said over and over again, if you have a firm that is caught up in litigation – whether it be J & J or 3M – it doesn’t matter. I wish [Brown] well … but what a tough call,” Cramer said. Paramount Global : Private equity firm Apollo Global Management has reached out to Paramount Global about a possible takeover or asset purchase, Axios reported Tuesday, citing two sources familiar with the matter. Shares of the media company, which owns CBS, rose about 0.7%. “If you’re playing this for upside, you’ve got to remember we do not believe in mergers if we think the fundamentals are not good, and the fundamentals are not good” at Paramount Global, Cramer said.
Jim Cramer’s take on Kohl’s, On Holding, Southwest Airlines, 3M and Paramount Global
