What Cramer is watching Thursday — market terrible again, trying to price in a recession

Published Thu, Jun 30 20229:06 AM EDTUpdated Thu, Jun 30 20229:17 AM EDT

What I am looking at June 30, 2022 Another broad market sell-off based on trying to price in a recession. It never seems to end. I expect Micron (MU) to be tough when it reports earnings after the closing bell Thursday, but I don't know whether it's in the stock. Worst first half of the year for the stock market since 1970. May personal income up 0.5% vs. 0.4% estimate; spending misses; core personal consumption expenditures, the Federal Reserve's favorite inflation indicator, rose 4.7% year over year vs. 4.8% estimate. RH (RH) cuts full-year revenue outlook, a surprise based on interest rates worries and confidence. Bookends a really bad quarter by Bed Bath & Beyond (BBBY). But we aren't sure how much of the latter was execution. RH, formerly Restoration Hardware, has a good balance sheet but BBBY balance sheet is a bit of a shambles. JPMorgan cuts price target on RH to $300 per share from $400. Loop goes to $1 per share from $5 for BBBY, deteriorating, rough U.S. macro. Morgan Stanley goes to $2 per share from $7. I really don't think Bed Bath & Beyond makes it. Club name Constellation Brands (STZ) beats on per-share earnings and revenue for its fiscal first-quarter 2023; bought back $1.3 billion in stock. Own it. CEO Bill Newlands on "Mad Money" Thursday. Pfizer (PFE): U.S. government buying more Covid vaccine at higher prices, $3.2 billion contract for 105 million doses, including an updated omicron shot, pending FDA approval. Poshmark (POSH) taken to hold from buy at Raymond James part of a bigger piece. It also cut RealReal (REAL) price target to $9 per share from $14 but keeps outperform rating. Baird cuts Paychex (PAYX) to $13 per share from $142. All anyone talked about was one line. FedEx (FDX) price target raised to $280 per share from $270 at BMO, which sees significant upside opportunity but keeps rating as a hold. BMO raises General Mills (GIS) price target to $80 per share from $66; everyone else raises, too. Deutsche Bank goes to $85 from $91 on McCormick (MKC), keeps as a hold. Northland upgrades Club name Advanced Micro Devices (AMD) to outperform from market perform, trims price target to $95 per share from $97. JMP Securities lowers Facebook-parent Meta Platforms (META), a Club name, price target to $240 per share from $265. Wedbush predicts Tesla (TSLA) deliveries will be ugly. Goldman Sachs says Tesla could see up to $3 billion in revenue opportunity "in a few years" if it were to open up its charging network. Club name Disney (DIS) price target cut $125 per share from $170 at Morgan Stanley. Status quo. Nothing new. JMP likes Carvana (CVNA), resumes coverage with a buy (outperform), with $35 per share price target. Ventas (VTR) upgraded to buy from hold at Jefferies, which also nudged up its price target to $59 per share $58. Netflix (NFLX) increases urgency for ads, says JPMorgan in a research note. (Jim Cramer's Charitable Trust is long STZ, AMD, META and DIS . 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.

A person walks through the Wall Street subway station near the New York Stock Exchange (NYSE) in New York on May 27, 2022.

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What I am looking at June 30, 2022

Another broad market sell-off based on trying to price in a recession. It never seems to end. I expect Micron (MU) to be tough when it reports earnings after the closing bell Thursday, but I don't know whether it's in the stock. Worst first half of the year for the stock market since 1970. May personal income up 0.5% vs. 0.4% estimate; spending misses; core personal consumption expenditures, the Federal Reserve's favorite inflation indicator, rose 4.7% year over year vs. 4.8% estimate.
RH (RH) cuts full-year revenue outlook, a surprise based on interest rates worries and confidence. Bookends a really bad quarter by Bed Bath & Beyond (BBBY). But we aren't sure how much of the latter was execution. RH, formerly Restoration Hardware, has a good balance sheet but BBBY balance sheet is a bit of a shambles. JPMorgan cuts price target on RH to $300 per share from $400. Loop goes to $1 per share from $5 for BBBY, deteriorating, rough U.S. macro. Morgan Stanley goes to $2 per share from $7. I really don't think Bed Bath & Beyond makes it.