What Cramer is watching Tuesday — Alphabet shares slip, Pioneer catches idiotic downgrade

Published Tue, Jul 19 20229:13 AM EDTUpdated Tue, Jul 19 20229:34 AM EDT

What I am looking at July 19, 2022 IBM (IBM) topped sales and earnings estimates for the second quarter. But shares took a hit in the premarket after management warned the strong U.S. dollar could impact earnings. More price targets were lowered because they were set in November. More newspaper stories about how much lower we will go. More lowering of S & P targets set at the beginning of the year. Alphabet (GOOGL) shares fell after the company's 20-for-1 stock split . Oppenheimer cuts its price target to reflect split, Credit Suisse cuts PT to reflect macro challenges. Crown Castle (CCI) price target lowered to $175 from $180 at Wells Fargo, citing elevated churn for the communications infrastructure providers. Wells also cut target for SBA Communications (SBAC). Canada-based mining company Teck Resources (TECK) has its price target cut to C$42 from C$50 at Barclays. Analyst keeps overweight rating, but says company still faces some macro challenges. Bank of America upgrades EOG Resources (EOG) to a buy while also cutting price target. Interesting way to to do both and it falls flat. Idiotic call to the best oil stock: Bank of America downgrades Pioneer Natural (PXD) to sell from hold. PXD is a Club holding with the highest dividend yield in the S & P 500. We will buy if weak. Barclays keeps its buy rating on Pioneer but trims price target to $324 from $339. Typical: Barclays cuts PT for Goldman Sachs (GS) to $450 from $505 but keeps an overweight rating. Chipotle (CMG) price cuts (Raymond James, Credit Suisse, UBS) based on slowing demand and slowing same store growth. Meta Platforms (META) goes to $245 from $273 at Credit Suisse on worries about macro and flattish numbers. Credit Suisse cuts PT for Alcoa (AA) to $63 from $82 on weakening aluminum demand. Bank of America price target dropped to $51 from $58 at Barclays, but keeps overweight. An actual PT raise: Electronic Arts (EA) lifted to $125 from $114 at Barclays ... maintains hold rating. Johnson & Johnson (JNJ) strong dollar but otherwise good ... More on company's quarterly report later ... Mizuho lowers price targets for Occidental Petroleum (OXY), ConocoPhillips (COP), Devon Energy (DVN) and Diamondback Energy (FANG) ... trying to get back into a less bullish mode on oil like others. Credit Suisse "remains on the sidelines" ahead of Netflix (NFLX) Q2 results today after the bell. Microsoft (MSFT): Mizuho cuts price target to $340 from $350. Pinterest (PINS) PT cut to $18 from $21 at Morgan Stanley. Single family housing starts down 8% in June. (Jim Cramer's Charitable Trust is long DVN, GOOGL, JNJ, META, MSFT, PXD. 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.

The entrance to Google's U.K. offices in London.

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What I am looking at July 19, 2022

IBM (IBM) topped sales and earnings estimates for the second quarter. But shares took a hit in the premarket after management warned the strong U.S. dollar could impact earnings. More price targets were lowered because