Investing Club: What Cramer is watching Tuesday — U.S. to ban Russia oil, stocks oversold, Apple event

Published Tue, Mar 8 20229:04 AM ESTUpdated Tue, Mar 8 20229:29 AM EST

What we're looking at March 8, 2022 The market is finally oversold after Monday's drop, according to the S & P Short Range Oscillator. But by no means is it close to being extremely oversold. We're still far from where it was on Jan. 27 or Feb. 24. That said, there was a vicious spiral near the end of the session yesterday, where big caps were desperately being sold to raise cash, which has historically been a great time to pick at stocks ... specifically, stocks that are well below our last buy and will help our basis. WTI jumps over 4% ... the U.S. is set to go it alone and ban Russian oil, without Europe, NBC News reports. It could be announced as early as Tuesday. Apple's (AAPL) first launch event of the year will be later today … "Peek Performance" livestream starts at 1 p.m. ET … expecting a new low-cost phone (SE) and updated iPad air and Mac. Club holding Alphabet (GOOGL) says it will acquire cybersecurity company Mandiant (MNDT) for $23 per share cash, valued at $5.4 billion … Big deal for Google Cloud. Shell (SHEL) reverses course and says it will stop all spot purchases of Russian crude oil. Estee Lauder (EL) says it will suspend all commercial activities in Russia. Occidental Petroleum (OXY) price target increased to $80 from $65 but downgraded from a buy to a hold at Bank of America after one of the great runs over the past week … ConocoPhillips (COP), Diamondback Energy (FANG), and EOG Resources (EOG) also downgraded to hold. Caterpillar (CAT) upgraded to buy from hod at Jefferies, calls the company a "strong hedge" to commodity inflation. Has the decline in U.S. banks with zero Russian exposure gone too far? Baird upgrades Bank of America (BAC) to a hold but says Wells Fargo (WFC) and PNC Financial (PNC) look best to add on weakness. Piper Sandler cut Meta Platforms (FB) price target to $240 from $301, keeps it a hold … notes the EV/NTM (enterprise value to next-twelve month) EBITDA multiple of roughly 8x is worse than March 2020 and 2012 IPO aftermath. This makes them "hesitant to be overly negative," however they are staying on the sidelines until ad targeting trends and measurement improve. Dell Technologies (DELL) upgraded to a buy from hold at Evercore. Biogen (BIIB) downgraded to hold from buy at Stifel … analyst Paul Matteis is "very pessimistic" about a reversal in the National Coverage Determination for Alzheimer's treatment. We own Eli Lilly (LLY), which is also working on an Alzheimer's drug. And while we are not banking on a reversal of the decision either, we think 2023 data will show Lilly's drug to be safe and effective. (Jim Cramer's Charitable Trust is long AAPL, FB, LLY, GOOGL, WFC. 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.

The initial price cap on Russian oil will be set "at a level based on a range of technical inputs."

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