What Cramer is watching Tuesday — oil outlook, Pinterest and Uber soar, Caterpillar stumbles

Published Tue, Aug 2 20228:53 AM EDT

What I am looking at Aug. 2, 2022 Is oil over? I thought it had staying power here but a chartist who called the West Texas Intermediate crude top at about $110 per barrel on "Mad Money," Carley Garner, now says next stop is $85 to $80 range. WTI under $94 per barrel Tuesday morning after falling nearly 5% in the prior session. Pinterest (PINS), what does activist firm Elliott Management want? PINS jumps 18% in the premarket on strong user numbers reported after the bell, despite disappointing quarterly results and guidance. More than 433 million Pinners. $2.7 billion in cash and equivalents and $13 billion market cap. New CEO Bill Ready is from fintech PayPal (PYPL). Could Elliott want to merge the two as was the case before PayPal collapsed? Ads up 25% year over year. MAUs (monthly active users) down 5% year over year. Quarterly revenue up 9%. Need payments not just advertising as readers are commercial. Ready says Elliott "aligned with our vision." Shopping opportunities. Susquehanna upgraded to buy from hold (positive from neutral) on new CEO and activist. Citi and Barclays boost their price targets. Uber (UBER) pops 13% in the premarket after posting $382 million in free cash flow, positive free cash flow for the first time ever. Uber beat on revenue: $8.07 billion versus $7.39 billion expected. Net loss of $2.6 billion for the second quarter, 65% of which was due to investments and revaluation of stakes in Aurora, Grab and Zomato. Dow stock Caterpillar (CAT) down 3.5% in the premarket after missing on quarterly revenue: $14.25 billion versus $14.37 billion expected. EPS beat: $3.18 versus $3.01. Sees operating profit improving. Marriott International (MAR): quarterly EPS: $1.80 versus $1.56, beating on better-than-expected revenue of $5.34 billion. Added roughly 17,000 rooms globally during the second quarter. Full-year EPS guidance range $6.33 to $6.59, above $6.02 estimate. Very good, of course. Shares rises nearly 2% in the premarket Teladoc (TDOC): Cowen downgrades rating to market perform from outperform (hold from buy). Cloud company Arista Networks (ANET) issues a really clean quarter. Price targets raised by Wall Street firms. CEO Jayshree Ullal on "Mad Money" tonight. Activision Blizzard (ATVI) slight quarterly miss. But being bought by Club holding Microsoft (MSFT), might not matter. DuPont (DD) earnings per share beat: 88 cents versus 85 cents expected. But outlook downbeat. Everyone warming up to Colgate (CL): Barclays raising price target to $74 per share from $71. Better than expected organic sales growth. Agricultural machinery maker AGCO Corp. (AGCO) says raw materials and semiconductor tightness starting to ease. Supply chain getting better. The problem is not grain. BMO recommends Club name Constellation Brands (STZ) — a beer, wine and spirits giant — with outperform (buy) rating and $290 per share price target. That would be 20% higher than Monday's close. Valuation discount to peers. Mizuho raises price target on On Semiconductor (ON) to $72 per share from $68. I thought quarterly results were great. Morgan Stanley and Susquehanna also boost their PTs. (Jim Cramer's Charitable Trust is long MSFT and STZ. 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.

Working pumpjacks are seen in the Montebello Oil Field in Montebello, California.

Frederic J. Brown | Afp | Getty Images

What I am looking at Aug. 2, 2022

Is oil over? I thought it had staying power here but a chartist who called the West Texas Intermediate crude top at about $110 per barrel on "Mad Money," Carley Garner, now says next stop is $85 to $80 range. WTI under $94 per barrel Tuesday morning after falling nearly 5% in the prior session.