What Cramer is watching Wednesday — Target, Lowe's disappoint after Walmart, Home Depot deliver

Published Wed, Aug 17 20228:59 AM EDT

What I am looking at Aug.17, 2022 Wall Street is poised to open lower Wednesday as the 2-year Treasury yield jumps to its highest level since the June 16 stock market bottom. Retail sales in July were unchanged versus up 1% expected. Excluding autos, they rose 0.4%, a much bigger increase than expected. Lowe's (LOW) do-it-yourself doing well, not as well as the professional. Is that a shocker? Shares rose 1% in the premarket after the company missed on quarterly revenue of $27.48 billion but beat on adjusted earnings of $4.67 per share. After Home Depot 's (HD) strong quarter, Raymond James rises price target on the stock to $350 per share from $340. Wedbush and UBS also increased PTs. The return of the big box? Target (TGT) misses on quarterly earnings-per-share of 39 cents and matches with revenue of $26.04 billion. But I think this is the result of clearing the inventory. Shares giving up more than 2% in the premarket after closing up 4.5% on Walmart 's (WMT) solid quarter. Raymond James increases price target on Walmart to $150 per share from $140. Not a lot of help here. Many other PTs increases. Elsewhere in retail, big miss at TJX Companies (TJX), the Marshalls and Home Goods parent; Cowen lowers price target Ralph Lauren (RL) to $128 per share from $142 but raises PT on Dick's (DKS) to $128 per share from $126. Teladoc (TDOC), a Cathie Wood stock, downgraded to sell from hold (neutral) at Guggenheim. The stock falling more than 4.5% in the premarket and down 57% year to date. Hurt by slowing revenue growth. Bank of America upgrades J.M. Smucker (SJM) to buy from hold (neutral). The stock has lagged the consumer packaged goods group. Club holding Devon Energy (DVN) kept as a strong buy at Raymond James, which raised its price target on the stock to $85 per share from $80. More growth than the others? (Jim Cramer's Charitable Trust is long DVN. 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.