Investing Club: What Cramer is watching Wednesday — Covid 'fade,' Nvidia's AI extravaganza, GameStop surges

Published Wed, Mar 23 20229:10 AM EDTUpdated Wed, Mar 23 202210:27 AM EDT

What I am looking at March 23, 2022 Pandemic low could be a very big deal. Dr. Scott Gottlieb, former FDA commissioner, says testing should end outside of specific high-risk circumstances like nursing homes. Covid could "fade from consciousness" this summer … GameStop (GME) soared more than 12% in premarket trading because Chairman Ryan Cohen bought 100,000 shares of the meme stock. AMC Entertainment (AMC) is up too. Agriculture complex getting better, as famine gets worse. I say Deere (DE), Agco , Archer-Daniels-Midland (ADM) and Corteva (CTVA) remain my favorites. Adobe (ADBE) beat estimates by 3 cents with adjusted quarterly earnings of $3.37 per share. Why not better for the software maker? Is business pulled forward? Is this more of a pandemic play than we thought? Company expects a hit from existing business in Russia and Belarus. Shares fall more than 2% in premarket trading. Nvidia (NVDA) investor meeting was an AI extravaganza, from medical to autos to the factory floor ... whole thing done in the omniverse using digital twins. CEO Jensen Huang's keynote only further strengthened our belief in the chip maker. We've recovered about half the decline in the S & P 500 from its high on Jan. 3. once we have done that there have been 21 instances since 1929 and 21 times the bear market is over. Poshmark (POSH)—another high flier goes down. JMP Securities cuts price target to $20 from $30. Revenue forecast to slow to 11% from 14%. Shares now trading at 1.2 times expected revenues. But I say so what? Raymond James lowers PT to $16 from $29. Is this a growth stock? Implications well below. Cotton prices highest since June 2011 ... these higher input costs have hit clothing companies PVH , Ralph Lauren (RL). Raymond James takes EOG Resources (EOG) price target up to $150 from $120. T-Mobile (TMUS)—Best house in a bad neighborhood. KeyBanc upgrades to buy from hold. Best in class 5G. Intel (INTC) and Micron Technology (MU) CEOs will test at U.S. Senate hearing on chip making. Meaningless. Affirm (AFRM) price target lowered to $140 from $180 at Morgan Stanley. Analyst still likes fintech, keeps buy rating. Morgan Stanley analyst Adam Jonas had stark conversations with Uber drivers—they want electric vehicles. Atlantic Equities— Meta Platforms (FB) challenges are being addressed. Mortgage applications down 14%. Fed Chairman Jerome Powell is winning. 4.5% rate on 30-year mortgage. Based on recent supply-chain checks in Asia, Wedbush analyst Daniel Ives says Apple (AAPL) is seeing "stellar" iPhone 13 demand globally. BP upgraded to buy from hold at Morgan Stanley. Joins Shell as a winner. Ryan Detrick of LPL: S & P hasn't had an up day of less than 1% since Feb. 16. Nine up days in a row of at least 1%. The last two times this happened: June 2009 and April 2020. Block (SQ)—MS resumes coverage with a hold. Analyst cites benefits of Afterpay and large market opportunities, but fears growth is priced in. General Mills (GIS) reports much better-than-expected quarter ... guides up. Here comes oil ... Pot deals: Cresco Labs to become leader in cannabis with the acquisition of Columbia Care. (Jim Cramer's Charitable Trust is long AAPL, NVDA, FB. 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.

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What I am looking at March 23, 2022

Pandemic low could be a very big deal. Dr. Scott Gottlieb, former FDA commissioner, says testing should end outside of specific high-risk circumstances like nursing homes. Covid could "fade from consciousness" this summer …