What Cramer is watching Monday — another market sell-off, dollar store price target cuts

Published Mon, Aug 29 20229:02 AM EDT

What I am looking at Aug. 29, 2022 Wall Street is set to open lower Monday, a follow through on the Dow Jones Industrial Average 's 1,000-point plunge Friday on Fed Chairman Jerome Powell's hawkish tone. Bitcoin also slumps, trading below 20,000 on Monday. But I as wrote Sunday, the Club won't abandon tech stocks because the end of their downturn is near. Marvell Technology (MRVL) price target cut at Citi to $74 per share from $78 on lower-than-expected data center sales after last week's quarter. We wrapped up earnings season for MRVL and the rest of the Club stocks. Citi says 3M (MMM) litigation for Combat Arms earplugs is a "significant overhang." Morgan Stanley says the Dow stock faces a "longer, more expensive outcome." Barclays raises Ulta Beauty (UTLA) to $511 per share from $491 (charmed stock). KeyBanc downgrades chemicals stocks: Dow Inc. (DOW) to sell from hold (underweight from sector weight). Analysts there also put sell ratings on LyondellBasell (LYB) and Westlake (WLK). Piper Sandler names Illumina (ILMN) a new top pick after meeting with management, reiterates overweight (buy) rating, with $320 per share price target. Dollar General (DG) is one of the "few stable retailers," says Deutsche Bank. But analysts there lower price target to $265 per share from $266. Deutsche Bank also cuts PT on Dollar Tree (DLTR) to $163 from $185. Raymond James see dramatic downside for Toll Brothers (TOL), cuts price target to $56 per share from $75, cites "shockingly negative order total through July." BMO Capital lowers price target on Okta (OKTA) to $110 per share from $125; but keeps outperform (buy) rating ahead of the cloud-based identity solutions provider's earnings this week. Baird cuts price target on Peloton (PTON) to $25 per share from $20, noting rough quarter; but keeps outperform (buy) rating, sees favorable risk-reward. Oppenheimer raises price target on S & P Global (SPGI) to $419 per share from $404. (Jim Cramer's Charitable Trust is long MRVL. 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.

Jim Cramer at the NYSE, June 30, 2022.

Virginia Sherwood | CNBC

What I am looking at Aug. 29, 2022

Wall Street is set to open lower Monday, a follow through on the Dow Jones Industrial Average's 1,000-point plunge Friday on Fed Chairman Jerome Powell's hawkish tone. Bitcoin also slumps, trading below 20,000 on Monday. But I as wrote Sunday, the Club won't abandon tech stocks because the end of their downturn is near.
Marvell Technology (MRVL) price target cut at Citi to $74 per share from $78 on lower-than-expected data center sales after last week's quarter. We wrapped up earnings season for MRVL and the rest of the Club stocks.