What Cramer is watching Monday — IRA lifts EV and solar stocks, Pfizer's buy

Published Mon, Aug 8 20229:08 AM EDTUpdated Mon, Aug 8 202211:41 AM EDT

What I am looking at August 8, 2022 Congress: Good for the environment, bad for shareholders ... Check out my Sunday column on why the Inflation Reduction Act passed by the Senate over the weekend is positively Orwellian. But ... shares of Nextera Energy (NEE), Tesla (TSLA) and Rivian (RIVN) are all up. First Solar (FSLR) upgraded to buy from hold at Guggenheim after passage of the IRA Act. First Solar and other solar stocks were rallying in premarket trading. Tyson Foods (TSN) reported adjusted earnings per share for the third quarter that missed the average analyst estimate. Revenue beat forecasts. Tyson shares dropped 2.5% in the premarket. Best Buy (BBY) target price lowered to $84 from $91 at Piper Sandler ... whipping boy for discretionary spending. Western Digital (WDC) price target dropped to $70 from $77 at Stifel, but keeps a buy rating following Friday's fourth-quarter earnings release and conference call. Citi and Mizuho also cut price targets. DuPont (DD) PT raised to $75 from $72 at Citi. Azek (AZEK) downgraded to neutral from outperform at Wedbush. Pfizer (PFE) to buy Global Blood Therapeutics (GBT), a maker of blood disorder treatments, for $5.4 billion, or $68.50 per share in cash. CVS Health to buy Signify Health (SGFY)? According to a report in the Wall Street Journal, CVS is planning a bid. Signify shares jumped nearly 17% in the premarket. Morgan Stanley's Adam Jonas says he expects third quarter will be "resilient" for autos, following a strong second quarter ... but says "situation gets trickier" in $Q We believe the situation gets trickier in 4Q as households run out of savings ... and higher rates get passed onto consumers DraftKings (DKNG) price target raised to $18 from $14 at Barclays. Bitcoin is back over $24,000. Manufacturer Emerson Electric (EMR) to sell InSinkErator garbage disposal business for $3 billion to Whirlpool (WHR) — immediately accretive. Carvana (CVNA) move to underweight from neutral at JPMorgan, analyst says stock screens expensively. Avalara (AVLR) to be acquired by Vista Equity Partners for $8.4 billion. Magic Empire Global (MEGL) — return of nonsense, corporate finance advisory. MEME Magic Empire. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) 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.

This image, from May 2022, shows solar panels in Worcestershire, England. The recent hot weather in the U.K. has led to a discussion about the optimum conditions for solar power.

Mike Kemp | In Pictures | Getty Images

What I am looking at August 8, 2022

Congress: Good for the environment, bad for shareholders ... Check out my Sunday column on why the Inflation Reduction Act passed by the Senate over the weekend is positively Orwellian. But ... shares of Nextera Energy (NEE), Tesla (TSLA) and Rivian (RIVN) are all up.
First Solar (FSLR) upgraded to buy from hold at Guggenheim after passage of the IRA Act. First Solar and other solar stocks were rallying in premarket trading.