What Cramer is watching Wednesday — Salesforce's monster quarter, HP's hybrid win

Published Wed, Jun 1 20229:42 AM EDTUpdated Wed, Jun 1 202212:43 PM EDT

What I am looking at June 1, 2022 Salesforce (CRM) guidance was not light. If you factor in the severe increase in the dollar in such a short time, which the analysts didn't do, you would see it was a monster quarter . There are buyers for Slack and buyers for Tableau for accountability. Typical new client is Formula One, whose CEO Stefano Domenicali used to run Lamborghini. Just a very good big growth quarter in all areas. Barclays raises price target to $218 from $208. A bunch of joyous price target decreases though because numbers were too high and didn't reflect current valuations. HP Inc. (HPQ) strong hybrid growth continues and it has the products for the hybrid environment. The computer and printer maker beat estimates by 3 cents with an adjusted quarterly profit of $1.08 per share. An enduring change in work favors the company, although consumer a little slower as predicted. There were supply problems that hurt production, as well as printer ink supply chain issues. Lots of one-time charges, including Russia charge for $1 billion. How do they get PCs there? 3D printing may be a commercial reality soon. POLY acquisition meant to help the hybrid market. Citi, Barclays raise price targets. Danaher (DHR) upgraded to buy at RBC Capital — at last says Covid fears now overdone. We'll talk more about this Club holding at our Monthly Meeting call with subscribers Thursday at noon . Facebook's name change to Meta (FB) will be complete with a new ticker symbol on June 9: "META." Morgan Stanley trims PT along with all others. Intel (INTC) ready to do Mobileye. Deutsche Bank likes Oracle (ORCL), reiterates a buy rating with a $110 price target. Analyst says the database software company's organic growth is not appreciated ... "a highly defensible business model." JPMorgan says Amazon (AMZN) remains best e-commerce idea ... buy rating with a $3,450 target, but that's still below the old $3,600 target. Can we really stop this new price target stuff? Morgan Stanley slashes target to $3,500 from $3,800, says new price is more realistic given recession uncertainty. Barclays on agricultural stocks: they like Corteva (CTVA) and Nutrien (NTR). CF Industries (CF) and ICL Group (ICL) get hold ratings. Mosaic (MOS) starts with sell. Etsy (ETSY) resumed with an outperform at JMP Securities, says plenty of opportunity left. Price target $125 – seems like a stretch to me. Resumes eBay (EBAY) with a market perform. Citi lowers PT for Ford (F) but still gives it a "90-day catalyst watch," says a near-term scenario that sees "reassuring" U.S. auto data will help stock. Chewy (CHWY) price target lowered to $29 from $45 at Piper Sandler AHEAD of earnings report this afternoon. Net adds or profitability must improve. Poshmark (POSH) goes from buy to hold at JMP Securities, citing slower revenue growth and lower profitability. Baird downgrades GoodRx (GDRX) to neutral amid disruption at Kroger (KR). Excelerate Energy (EE) is a really good company for this moment, on Mad tonight. LNG catbird seat. Piper Sandler likes Block (SQ) download numbers for Cash App. Nike (NKE) price target lowered to $150 from $165 at Wells Fargo ... tough comparisons. Club name Procter & Gamble (PG) PT lowered to $170 from $180 at Wells Fargo. WFC more cautious, same with Deutsche Bank. Capri Holdings (CPRI): The parent of luxury brands Michael Kors and Versace, reported better-than-expected quarterly numbers, but issued lighter-than-expected guidance for the full year. Eli Lilly (LLY) price target raised to $355 from $340 at JPMorgan. Analyst increased estimates following FDA approval of Mounjaro for diabetes, sees $10 billion opportunity for this Club stock. Use for obesity and weight loss could be filed for approval this year. Bank of America likes Club names Marvell Technology (MRVL), Nvidia (NVDA), Advanced Micro Devices (AMD). J.M. Smucker (SJM) PT cut at by a buck at Deutsche Bank to $133. Wells Fargo's Mike Mayo called Bank of America (BAC) his signature pick ... best in show, recession risk priced in. Goldman Sachs says autos won't make the numbers. Netflix (NFLX) new Stranger Things is strongest debut, says KeyBanc, but says investors should be cautious of interpreting viewership hours ... not apples to apples Wells Fargo likes Warner Bros Discovery (WBD) — talks about divestitures. Risks though include $57 billion in debt. (Jim Cramer's Charitable Trust is long AMD, CRM, DHR, F, FB, LLY, MRVL, NVDA, PG. 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. 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Salesforce signage outside office building in New York.

Scott Mlyn | CNBC

What I am looking at June 1, 2022

Salesforce (CRM) guidance was not light. If you factor in the severe increase in the dollar in such a short time, which the analysts didn't do, you would see it was a monster quarter. There are buyers for Slack and buyers for Tableau for accountability. Typical new client is Formula One, whose CEO Stefano Domenicali used to run Lamborghini. Just a very good big growth quarter in all areas. Barclays raises price target to $218 from $208. A bunch of joyous price target decreases though because numbers were too high and didn't reflect current valuations.