Investing Club: What Cramer is watching Monday — Musk backs off Twitter board, China lockdowns, Nvidia downgrade

Published Mon, Apr 11 20229:31 AM EDTUpdated Mon, Apr 11 20229:33 AM EDT

What I am looking at April 11, 2022 Much of China remains in lockdown, slowing the whole world. The southern city of Guangzhou, another major Chinese city, is the latest to tighten Covid restrictions as the country struggles to contain a nationwide Covid-19 outbreak stretching from Shanghai in the southeast to the northern provinces. Chinese electric vehicle maker Nio raises prices and cuts production because of Covid lockdowns. Fed buying program is keeping long rates down. Tech is sick, you need to be able to make things and sell stuff for a profit with a buyback or a dividend and it can't be expensive. Baird downgrades Club holding Nvidia (NVDA) to hold from a buy, with price target of $225, down from $360. Predictable and painful for the Trust but we told members to sell some last week ... slowdown in consumer demand, Russia embargo ... fundamentals remain unchanged ... KeyCorp (KEY) gets the double upgrade to buy at Wells Fargo. Is this the beginning of the move into banks because of the short rates? But State Street (STT) downgraded to hold from buy because it's a deposit institution. Russia about to attack Donbas. Can Ukraine withstand a full on tank attack? Atlantic Equities likes Warner Bros. Discovery (WBD). Deutsche Bank calls it top pick in media, raises price target. Elon Musk is not going to join the board of Twitter (TWTR). The Tesla (TSLA) and SpaceX CEO suggested premium users should get an authentication checkmark, and that Twitter should turn its headquarters office in San Francisco into a homeless shelter, "since no one shows up anyway." Tencent Music (TME) starts with a sell at Goldman Sachs. Kinder Morgan (KMI) downgraded to sell at Wolfe Research, which sees less upside than energy infrastructure peers. JPMorgan upgrades AT & T (T) to buy from hold, cites it shed "the distractions and revenue drag" of a declining satellite video business ... Joby Aviation (JOBY) initiated with a hold at Deutsche Bank. American Express (AXP) downgraded to neutral from overweight at JPMorgan — fully valued. Ross Stores (ROST) price target raised to $125 from $118 at Credit Suisse. Analyst loves it. SailPoint (SAIL) — poor man's Okta —gets bid from software investment firm Thoma Bravo for $6.9 billion cash. Thoma bought Proofpointm, good synergism .. Anaplan too. Shopify (SHOP) announces 10--for-1 split of Class A and Class B shares ... will give CEO Tobi Lutke a special "founder share." JetBlue (JBLU) upgraded to neutral from sell at MKM Partners, says bad news baked in and would do better with Spirit (SAVE) ... classic pro-shareholder move. Schlumberger (SLB) upgraded to buy from hold at Piper Sandler ... multiple expansion. Truist takes Marathon Oil (MRO) price target to $34 from $30. Albertsons (ACI) price target raised to $37 from $31 at UBS, cites strategic alternative capital return and good same-store sales in the fourth quarter. JPMorgan cuts Levi Strauss (LEVI) price target to $27 from $32. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) 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.

Elon Musk speaks during a press conference at SpaceX's Starbase facility near Boca Chica Village in South Texas on February 10, 2022.

Jim Watson | AFP | Getty Images

What I am looking at April 11, 2022

Much of China remains in lockdown, slowing the whole world. The southern city of Guangzhou, another major Chinese city, is the latest to tighten Covid restrictions as the country struggles to contain a nationwide Covid-19 outbreak stretching from Shanghai in the southeast to the northern provinces.
Chinese electric vehicle maker Nio raises prices and cuts production because of Covid lockdowns.
Fed buying program is keeping long rates down. Tech is sick, you need to be able to make things and sell stuff for a profit with a buyback or a dividend and it can't be expensive.