My top 10 things to watch Thursday, Dec. 22, 2022 1. US stock futures point to lower open, one day after a powerful rally on Wall Street. Back-to-back gains for the Dow, the S & P 500 and the Nasdaq, which all rose Wednesday about 1.5%. Final look at third-quarter GDP revised higher to 3.2% from 2.9%. 2. Micron Technology (MU) is really bad because of Samsung. Do not hold your breath. Micron cuts 10% of workforce; suspend bonuses in 2023. Casualty of severe overbuild. Wider than expected loss and a revenue miss. MU down 3.5% in the premarket. Other chipmakers — including Nvidia (NVDA), Advanced Micro Devices (AMD) and Qualcomm (QCOM) — down in sympathy but not as much. 3. AMC Entertainment (AMC) plunges 24% to roughly $4 per share in the premarket after a new $110 million capital raise announcement and a proposed reverse 1-to-10 stock split. 4. CarMax (KMX) shares sink more than 13% in premarket trading after big quarterly miss. Used car sales down 20%. Company cites “rapidly changing market conditions,” says it bought 238,000 vehicles from consumers and dealers, down 39.8%. Gross profit down 31.1%. 5. Piper Sandler raises price target on Dollar General (DG) to $288 per share from $273; makes DG a top pick for 2023. This is the ultimate stock in a retail trade-down environment. We’re playing the trade down and inventory glut firesale with off-price retailer TJX Companies (TJX), behind TJ Maxx, Marshalls and HomeGoods. 6. Needham lowers its full-year 2023 outlook on Club name Amazon (AMZN). Investors want Amazon to “demonstrate upside pricing power in 2023, since cost-cutting has limits to driving valuation upside,” analyst Laura Martin wrote. 7. Planet Fitness (PLNT) named a top pick for 2023 at Piper, which boosts price target to $93 per share from $79. In addition to PLNT and DG, Piper also likes Yeti (YETI), Driven Brands (DRVN) and Boot Barn (BOOT) heading into the new year. 8. Under Armor (UAA) names Stephanie Linnartz as CEO; comes from Marriott (MAR). Interesting choice. Could help with technology and loyalty. Baird raises UAA price target to $10 per share from $9. 9. Truist raises price target on Vail Resorts (MTN) to $292 per share from $270. Noticeable increase in visits, although still “not 100% back” to pre-Covid pandemic levels. 10. Bird flu raising the cost of eggs. No end to this. The Wall Street Journal reports on the worst bird flu outbreak in US history, which forced tens of millions of chickens and turkeys to be killed. (Jim Cramer’s Charitable Trust is long NVDA, AMD, QCOM, TJX and AMC. 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.
My top 10 things to watch Thursday, Dec. 22, 2022
1. US stock futures point to lower open, one day after a powerful rally on Wall Street. Back-to-back gains for the Dow, the S&P 500 and the Nasdaq, which all rose Wednesday about 1.5%. Final look at third-quarter GDP revised higher to 3.2% from 2.9%.
2.Micron Technology (MU) is real bad because of Samsung. Do not hold your breath. Micron cuts 10% of workforce; suspend bonuses in 2023. Casualty of severe overbuild. Wider than expected loss and a revenue miss. MU down 3.5% in the premarket. Other chipmakers — including Nvidia (NVDA), Advanced Micro Devices (AMD) duck Qualcomm (QCOM) — down in sympathy but not as much.
