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Bull Trader USA

What Cramer is watching Thursday — September to forget and dueling Apple notes

What I am looking at Thursday, Sept. 29, 2022 Recession as we get to 5% on the 2-year Treasury yield or jawboning only? Was it all a dream? Do we just have to get through this month? Two more trading days in dreaded September. We’re looking at a lower open on Wall Street after Wednesday’s powerful rally. New filings for jobless claims last week were better-than-expected at 193,000. Perhaps, not what the Federal Reserve wants to see. Is their goal to return to where we were pre-Covid pandemic on wages and housing? Is tech really worth dramatically less? Or is it just certain tech such as the tech that came public in the last year? How much does the Fed want speculative assets down; would a move down to $12,000 from the current $19,000-plus on bitcoin please them? Coinbase (COIN) “challenged environment” means operating results will remain under pressure, says Wells Fargo. Initiates with underweight (sell) rating. Crypto winter? Unclear if there’s a path to profitability. Binance and FTX will pressure COIN. Bank of America goes to neutral from buy on Club holding Apple (AAPL). Worried about slowing consumer. Gut wrenching call. Rosenblatt has good stuff, upgrades to buy from neutral. iPhone is loved. Exclusive emergency SOS satellite. High-end iPhone wait times still elevated year-over-year despite industry softness. Credit Suisse lowers price target on Club holding Constellation Brands (STZ) to $277 per share from $292, without any real reason. Business is excellent at the Corona beer maker. Get used to these if you aren’t already: Citi price-cuts on the rails. CSX (CSX), Norfolk Southern (NSC) and Union Pacific (UNP) all because of same thing, underwhelming headwinds. Neutral ratings on all. This is the kind of call, like so many, that are pretty worthless because they liked them when they were going up. Citi tells us what we know already: North Face and Timberland parent VF Corp. (VFC) is doing far worse than Columbia Sportswear (COLM) and Ralph Lauren (RL). The winner is Lululemon (LULU), with new Mirror membership. So far, the layoffs have been limited to the obvious ones: DocuSign (DOCU) and Peloton (PTON). We have to wait to see if it spreads? Goldman Sachs (GS), too. Citi cautious on Alibaba (BABA), cuts price target $146 per share from $159. Keeps buy rating, though. Credit Suisse cuts Paychex (PAYX) price target to $138 per share 150, even though they raised the estimates. Truist likes Rivian Automotive (RIVN), calls it a “diversified mobility powerhouse.” Starts with a buy and a $65 per share price target. Barclays cuts price target on AT & T (T) to $18 per share from $20. Verizon (VZ) PT lowered to $40 from $48. (Jim Cramer’s Charitable Trust is long AAPL and STZ. 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.

Traders work during the opening bell at the New York Stock Exchange (NYSE) on Wall Street in New York City on August 16, 2022.
Angela Weiss | AFP | Getty Images

What I am looking at Thursday, Sept. 29, 2022

Recession as we get to 5% on the 2-year Treasury yield or jawboning only? Was it all a dream? Do we just have to get through this month? Two more trading days in dreaded September. We’re looking at a lower open on Wall Street after Wednesday’s powerful rally.New filings for jobless claims last week were better-than-expected at 193,000. Perhaps, not what the Federal Reserve wants to see. Is their goal to return to where we were pre-Covid pandemic on wages and housing? Is tech really worth dramatically less? Or is it just certain tech such as the tech that came public in the last year?
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