What Cramer is watching Wednesday — mass chip price-target cuts, lots of C-suite changes

Published Wed, Jun 29 20229:09 AM EDTUpdated Wed, Jun 29 20221:38 PM EDT

What I'm looking at June 29, 2022 In a nutshell, the most important call of the day: Citi analyst Chris Danely says chipmaker Micron Technology (MU) will miss the quarter when it reports earnings – and when it does, it will guide down substantially because the dynamic random access memory (DRAM) market is collapsing. The reason: excess inventory because of slowness in handsets and personal computers. Micron can cut supply, so Danely keeps his Micron rating a buy. But you can see how people might say, OK, Nike (NKE) is bad in China and Micron is bad in China, now we realize how really slow the world has become. Micron reports Thursday. Long knives out for semiconductor stocks at Bank of America – focusing on Club names: Advanced Micro Devices (AMD) price target lowered to $110 per share from $160. Wow. Unit weakness could be cushioned by richer non-consumer risk; Marvell Technology (MRVL) PT lowered to $60 from $90, sees unit weakness. Nvidia (NVDA) PT cut to $220 from $270. CEO change: Mark Tritton out at Bed Bath and Beyond (BBBY). Shares getting slammed premarket. He was tapped to turn around the company. Independent director Sue Gove steps in as interim CEO. Pinterest (PINS): Bill Ready is the new CEO. He's from Alphabet 's (GOOGL) Google, previously president of commerce, payments there. As Pinterest CEO, e-commerce growth will accelerate now. Pinterest co-founder Ben Silbermann will be executive chairman. Both will be on "Mad Money" on Wednesday. Dollar Tree (DLTR) gets rid of top guys. CFO Kevin Wampler out; also COO, chief legal officer, chief strategy officer and chief information officer. At Club name Disney (DIS), we like Bob Chapek, glad his contract was extended three more years; no more turmoil. Morgan Stanley cuts price target on Carnival (CCL) to $7 per share from $13; unsustainable; sees bear case for the stock going to zero. Yep, $0. They had been positive, now weaker; revenue pressure; really bad fuel costs; higher full-year losses seen; occupancy lower; cost pressure. Elon Musk lays off 200 autopilot engineers at Tesla (TSLA). Slowing EV business or slowing part of the business? We don't know. Piper Sandler, influential in banks, takes SoFi (SOFI) price target down to $8 per share from $10, saying it has to start building reserves. Same goes for Capital One (COF), Affirm (AFRM), Synchrony (SYF) and Ally (ALLY) – higher risk credit cards and loans – 100% recession risk. BofA, very important upgrade, Goldman Sachs (GS) to buy from hold. But that does not portent well for the whole group. Just this one. Bitcoin trying to hold $20,000 – is it being propped up? McCormick & Company (MKC): highly unus