What I am looking at June 22, 2022 A hard landing is back on the table with oil getting crushed. Copper going down. President Joe Biden asks Congress for a federal gas tax holiday. Federal Reserve Chairman Jerome Powell today will deliver the central bank’s semiannual monetary policy report to the Senate Banking Committee. Is crypto billionaire Sam Bankman-Fried the new J.P. Morgan by bailing out the crypto system? BlockFi, a crypto lending platform, said Tuesday it had secured a $250 revolving line of credit from Bankman-Fried’s FTX Trading, reports Bloomberg. “A responsibility to step in.” Mizuho sees “crypto fatigue” at Coinbase (COIN) based on trading patterns. I wonder if there is anything here. Is this another Robinhood (HOOD)? Is Club holding Meta Platforms (META) the right stock to own? We should find out tonight on Mad Money when we go into the metaverse with founder Mark Zuckerberg. Exxon (XOM) in 2040 without internal combustion engine (ICE) vehicles: Watch “Exxon at the Crossroads” with David Faber on CNBC tonight 8 p.m. ET. Credit Suisse downgrades Dow (DOW) to underperform. The stock’s 5% dividend yield protects you against nothing, as consumer goes toward services instead of goods. Price target cut to $49 from $67. Nike (NKE): Now Citi and Seaport Global say that it will be hurt badly by China’s lockdowns when it reports next week. Citi takes price target to $123 from $157 and Seaport Global downgrades NKE to hold from a buy ahead of the June 27 report. Citi survey of 1,000 Chinese consumers shows more price sensitivity. Intuitive Surgica l (ISRG) price target lowered to $225 from $300 at Deutsche Bank, but analyst says total revenues are lately tracking much better and ahead of forecasts. Paypal (PYPL) target lowered by 5 bucks to $95 at Credit Suisse but keeps a buy rating. Forecasts gross profit CAGR of 10% for 2022-2025. Why was the price target so high? Couldn’t keep up with the decline. Lennar (LEN) price target lowered to $85 from $93 at Barclays with a hold. A trim? Lennar shares are at $64 … Raymond James slashes PT to $75 from $125. How did they ever get to $125? Darden (DRI) price lowered to $155 from $175 at Oppenheimer. Stock is currently at $113! Advanced Micro Devices (AMD) resumed with a buy at Morgan Stanley. Server market is strong. Slowdown in PCs and consoles are still an issue, but the valuation is now reasonable. Scotts Miracle-Gro (SMG) downgraded to hold from buy at Wells Fargo — during the height of gardening season. Lawn and garden good, but subsidiary Hawthorne, which focuses on cannabis growers, is bad. Cigna (CI) upgraded to buy at Morgan Stanley, says valuation is too low versus peers. But Anthem (ANTM) downgraded to hold from buy as stock has gotten too expensive. Airbnb (ABNB) downgraded to hold at JMP Securities, says valuation is too high. Kellogg (K) PT raised to $87 from $83 at Citi on break-up announcement. Analyst says sum of the parts shows big upside. Cowen downgrades Burlington Stores (BURL) to hold. Where can you hide if not off-price retail?Economic health of lower-income consumer is deteriorating as inflation accelerates. RBC says the downturn in housing is “setting in,” so downgrades PulteGroup (PHM) to hold from buy. So the decline in PHM shares to $37 from $58 means nothing? 35% decline and more to come? Affirm (AFRM): Mizuho says 30-day delinquencies for buy now, pay later services don’t look that good. Bernstein goes to hold from buy for Boston Beer (SAM), lowers price target to $340 from $565. Estimate cuts coming … Healthcare company Centene (CNC) gets price target lift to $91 from $88 at Deutsche Bank, cites value creation strategy to drive margin expansion and earnings growth. GoodRx (GDRX) price target lowered by a buck to $6 at Baird, says headwinds might persist – kind of interesting … Chemical company BASF (BASFY) foresees a sharp second-half downturn. BMO says Kraft (KHC) on the mend — big valuation discount (Jim Cramer’s Charitable Trust is long AMD, META. 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.
US Federal Reserve Chair Jerome Powell speaks at a news conference on interest rates, the economy and monetary policy actions, at the Federal Reserve Building in Washington, DC, June 15, 2022.
Olivier Douliery | AFP | Getty Images
What I am looking at June 22, 2022
- A hard landing is back on the table with oil getting crushed. Copper going down. President Joe Biden asks Congress for a federal gas tax holiday. Federal Reserve Chairman Jerome Powell today will deliver the central bank’s semiannual monetary policy report to the Senate Banking Committee.
- Is crypto billionaire Sam Bankman-Fried the new J.P. Morgan by bailing out the crypto system? BlockFi, a crypto lending platform, said Tuesday it had secured a $250 revolving line of credit from Bankman-Fried’s FTX Trading, reports Bloomberg. “A responsibility to step in.”
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