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What Cramer is watching Tuesday — Nasdaq tough year, seasonal oil strength, P&G looking good

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What I am looking at Tuesday, Nov. 22, 2022 It’s been one year since the Nasdaq hit an all-time high of 16,212. The Dow Jones Industrial Average and the S & P 500 didn’t peak until early January. While all three stock benchmarks are off their lows of 2022, investors are still reluctant to plow money into stocks as the Federal Reserve signals their inflation fight is not near over. Russia’s nine-month war against Ukraine is at a pivotal moment. Ukraine going for last wins but still retaken only 35% of land grab by Russia. The conflict has driven oil higher and created more uncertainty in markets. So has Covid in China. Virus restrictions now on 20% of China. Highest since April. Back to shuttering offices and schools. Seasonal time to buy the oils begins Tuesday as expiration of options has occurred. West Texas Intermediate crude is getting a boost and so are our exploration and production stocks Coterra Energy (CTRA), Devon Energy (DNV) and Pioneer Natural Resources (PXD) as well as oil services company Halliburton (HAL). Citi lowers DVN price target by $2 pe share to $78; keeps buy rating. Gratuitous. Procter & Gamble (PG): Wolfe Research says geography and brand equity now going their way. Trust name. Starts with outperform (buy) rating and $156-per-share price target. We expect demand elasticities to beat expectations. Brand investments and innovation. Gillette getting better. Geographic exposure is good; improves defensiveness. Piper Sandler cuts Club holding Amazon (AMZN) price target to $119 per share from $125. Looks like AWS cloud unit is slowing. I would say there is more competition and more layoffs coming. Club holdings Costco (COST) and Cisco Systems (CSCO) added to Bank of America US 1 list. A follow-up note features Costco, saying online driving market share gains, accelerating “Big & Bulky deliveries.” EBITDA margins stable. BofA predicts membership fee increase in 2023. Wells Fargo cuts price target on Club holding Salesforce (CRM) to $190 per share from $220; keeps overweight (buy) rating Morgan Stanley says “lowered bar looks achievable” for quarterly results set for Nov. 30 release. Club holding Apple (AAPL): Canaccord says demand for iPhone 14 Pro and Pro Max continues to be strong. Analysts think a production slowdown due Covid restrictions in China will lead to demand exceeding supply. Canaccord lowers estimates. Honeywell (HON), also a Club stock, is an underappreciated tech franchise, JPMorgan says. Burlington Stores (BURL): quarter in-line but positive. Shares up 7% in premarket. In the off-price retailer industry, we own TJX Companies (TJX). Best Buy (BBY) shares surge 8% in the premarket on a better-than-expected quarter, as we predicted last week. The electronics retailer sticks to its holiday-quarter forecast. Dick’s Sporting Goods (DKS) same-store sales up 6.5% versus 2.2% expected. Very strong. Raises earnings-per-share guidance: $11.50 to $12.10 from $10 to $12. Abercrombie & Fitch (ANF) was left for dead. The stock up 15% in the premarket after the apparel retailer reports quarterly EPS of a penny versus expectations for 14 cent loss. Revenue beat too. Guides to a small shortfall in sales than expected. Zoom Video (ZM) catches multiple price target cuts on Wall Street. The company admits that things are weak in the enterprise and the individuals aren’t going to make it better. The slight lowering of guidance sends shares down 8% in the premarket. Mizuho starts Intel (INTC) with a hold. Sounds like a sell, with high-end market losses and glut in personal computers. (Jim Cramer’s Charitable Trust is long CTRA, DVN, HAL, PXD, PG, AMZN, AAPL, COST, COSCO, HON and TJX.. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Jim Cramer at the NYSE, June 30, 2022.
Virginia Sherwood | CNBC

What I am looking at Tuesday, Nov. 22, 2022

  • It’s been one year since the NasdaqDow Jones Industrial AverageS&P 500
  • Russia’s nine-month war against Ukraine is at a pivotal moment. Ukraine going for last wins but still retaken only 35% of land grab by Russia. The conflict has driven oil higher and created more uncertainty in markets. So has Covid in China. Virus restrictions now on 20% of China. Highest since April. Back to shuttering offices and schools.

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