What Cramer is watching Wednesday — more Bed Bath & Beyond pain, good riddance to August

Published Wed, Aug 31 20229:03 AM EDTUpdated Wed, Aug 31 20229:09 AM EDT

What I am looking at Aug. 31, 2022 Last day of August: End of horrendous month for tech stocks of all kinds. Wall Street tries to break its three-day losing streak, heading into September , historically the worst month of the year for the market. Bed Bath & Beyond (BBBY) restructuring, says they may sell stock from time to time. This is the "on the backs of the memes." That's the theory that I wanted done before activist investor Ryan Cohen took the money and ran. Why did he get such a head start over the little guy? BBBY sank 28% in the premarket after closing down 9% on Tuesday. Online pet supplier Chewy (CHWY) downfall. The end of the great, Covid pandemic led growth. Typical: RBC Capital finds something to like despite net sales guide down. This time it's their margins and deal with Covid hangover. Searches for pets are down roughly 20%, golden retrievers puppies down 45%. PVH Corp. (PVH), the company behind Tommy Hilfiger, Calvin Klein and Van Heusen, clearly disappointing: Credit Suisse cut price target to $85 per share from $90. With apparel glut, why doesn't it fall to where it has to go. Club holding Apple (AAPL) focus on product, pricing and timing at Sept 7 "far out" event, says Bank of America. HP Inc. (HPQ): Quarterly cash flow dramatically lower; earnings good, sales weak. HP had been just home computing but now it's the enterprise, too. Major negative change that should lead up quickly to a growing glut in DRAMs (dynamic random access memory) chips. Margins better. Citi sees increased market competition. KeyBanc says Snap (SNAP) headcount reduction of 20% bigger than thought, and then makes excuses about why it might be okay. Why doesn't anyone question the viability of this company. No help wanted sign here. $4.2 billion in debt, $223 million in free cash flow last year. This is where the weakness is in the economy. Owe huge amount of money to the cloud companies. CrowdStrike (CRWD): Surprisingly strong sign-ups and zero sign of any sort of slowdown. Gigantic cloud native deals being signed. CEO George Kurtz has a phenomenal quarter and no price sensitivity. True beat and raise; while Citi wonders about revenue performance obligation (RPO) deceleration. None at Palo Alto Networks (PAWN), a Club Bullpen stock. Russian shuts down natural gas pipeline to Germany, again. Russia-owned Gazprom says it's for maintenance. European nations blast the move. Barclays cuts price target on Club holding Pioneer Natural Resources (PXD) to $309 per share from $324; but says not to worry. Barclays cuts others, too. Bank of America likes the risk-reward on PayPal (PYPL). First time in a year. Likes new CFO. Barclays likes Blackstone (BX) because the alternative asset management business remains strong. Barclays downgrades Robinhood (HOOD) to hold from buy (underweight from equal weight). Worried customer base. Raymond James cuts price target on Ventas (VTR), a real estate investment trust (REIT) to $55 per share from $60; but keeps a strong buy rating. (Jim Cramer's Charitable Trust is long AAPL and 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.

Signage outside a Bed Bath & Beyond retail store in New York, Aug. 25, 2022.

Gabby Jones | Bloomberg | Getty Images

What I am looking at Aug. 31, 2022

Last day of August: End of horrendous month for tech stocks of all kinds. Wall Street tries to break its three-day losing streak, heading into September, historically the worst month of the year for the market.
Bed Bath & Beyond (BBBY) restructuring, says they may sell stock from time to time. This is the "on the backs of the memes." That's the theory that I wanted done before activist investor Ryan Cohen took the money and ran. Why did he get such a head start over the little guy? BBBY sank 28% in the premarket after closing down 9% on Tuesday.

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