What I am looking at May 16, 2022 Covid lockdowns in China keep crushing the world’s tech. China’s industrial production and consumer spending lowest since the start of the pandemic. JPMorgan analyst Matt Boss crushes retail. Big week for big box stores. McDonald’s (MCD) said it will sell its business in Russia to a local buyer. It has more than 800 restaurants and 62,000 employees in Russia. Wheat prices at record high. Nucor (NUE) to buy Overhead Doors from KKR for $3 billion … 13 times trailing EBITDA. Zoom Video (ZM) price target lowered to $118 from $139 at Citi. Competition from Microsoft (MSFT) Teams makes the analyst more cautious on the video conferencing platform. Battery-charging company EVgo (EVGO) target dropped a buck to $10 at Citi. Oppenheimer cuts price target at Figs (FIGS) to $22 from $45. The health-care apparel brand is a poster boy for the era. Bank of America downgrades to hold from buy. Barclays slashes PT to $14 from $34. Goodyear Tire (GT) price target to $15 from $19 at Citi. Tesla (TSLA) remains the dominant player in electric vehicles globally — with a 20% share — but it actually lost some share in 2021 as new offerings joined the market, says Bernstein analyst Toni Sacconaghi. JPMorgan analyst Lisa Gill likes health insurer Cigna (CI), sees lots of upside. We like Club holding Humana (HUM) more. SoFi Technologies (SOFI) upgraded to a buy at Piper Sandler, says market now over-discounting the fintech company ahead of a “significant ramp” in earnings in the second half of 2022 and into 2023. Shares rallied more than 4% in the premarket. Ford Motor (F) sold another 7 million shares of Rivian (RIVN), the electric vehicle maker. That follows the sale of 8 million shares last week. The two sales leaves Ford with a 9.7% stake in Rivian. Ryanair (RYAAY) CEO Michael O’Leary says U.S. aircraft giant Boeing (BA) needs a management shakeup . Hurting the Irish airline’s business, which plans to grow traffic to 165 million customers this year, up from 97 million a year ago … bookings improving. Cowen says Boeing valuation is at a compelling entry point. Spirit Airlines (SAVE) jumped nearly 20% in premarket trading after JetBlue (JBLU) launched a hostile $30 per share takeover bid for its rival. Wells Fargo adjusts targets for cybersecurity names: SentinelOne (S) lowered to $30 from $38; Zscaler (ZS) cut to $200 from $350; Okta (OKTA) slashed to $130 from $175. Jefferies says it is time to buy DraftKings (DKNG), says risk-reward is “highly favorable.” Crazy one: JPMorgan says uncertainties are abating for Alibaba (BABA), upgrades to a buy. Tapestry (TPR), formerly Coach, price target dropped to $39 from $53 at Barclays, citing “transitory headwinds” in China. Morgan Stanley takes Salesforce (CRM) down to $291 from $360. There are headwinds, but this Club name hasn’t been this cheap since 2009, so the setup is good Morgan Stanley meets with CEO of Boston Scientific (BSX) and says you should buy the medical device manufacturer. This group is on tenterhooks. Wedbush upgrades Netflix (NFLX) and says it has better pipeline of content than people think. Analyst Michael Pachter notes staggered releases of Ozark and upcoming Stranger Things will reduce subscriber churn. Apparel maker VF Corp (VFC) price target slashed to $64 from $86 at Deutsche Bank, says investors leaning to more defensive plays. Needham maintains a buy rating on Cloudflare (NET), says global platform is frictionless. Goldman Sachs’s David Kostin cut his S & P 500 target for this year to 4,300 from 4,700. Investors “have been mauled by 18% near-bear market plunge” since the market peaks on Jan. 3. New forecast assumes no recession and implies market’s price-earnings ratio ends the year at 17. (Jim Cramer’s Charitable Trust is long CRM, F, HUM, MSFT. 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.
A logo of the McDonald’s restaurant is seen in the window with a reflection of Kremlin’s tower in central Moscow, Russia March 9, 2022.
Maxim Shemetov | Reuters
What I am looking at May 16, 2022
- Covid lockdowns in China keep crushing the world’s tech. China’s industrial production and consumer spending lowest since the start of the pandemic. JPMorgan analyst Matt Boss crushes retail. Big week for big box stores. McDonald’s (MCD) said it will sell its business in Russia to a local buyer. It has more than 800 restaurants and 62,000 employees in Russia. Wheat prices at record high. Nucor (NUE) to buy Overhead Doors from KKR for $3 billion … 13 times trailing EBITDA.
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