What Cramer is watching Thursday — Semis slammed, September market, tech wrecks

Published Thu, Sep 1 20228:59 AM EDTUpdated Thu, Sep 1 20221:30 PM EDT

What I am looking at Sept. 1, 2022 Semi destruction is ongoing: Nvidia (NVDA) says the U.S. government is restricting chip sales in China and Russia. The stock down 4% premarket. Our other Club semiconductor stocks – Advanced Micro Devices (AMD), Marvell Technology (MRVL) and Qualcomm (QCOM) are taking hits, too. Here's our Club take . Bernstein (the axe) calls Nvidia an incremental negative. But Bernstein's concerns are not insignificant: $400 million per quarter. Wall Street begins September, historically the worst month of the year, in the red after closing out August, which traditionally has been a solid month, with steep losses. Over 4% declines in August for the Dow Jones Industrial Average , the S & P 500 and the Nasdaq . Raymond James downgrades Bed Bath & Beyond (BBBY) to sell from hold (underperform from market perform), calls trends remain abysmal but says new financing kicks the can down the road. I say their survival depends on the memesters saving them like they saved GameStop (GME) and AMC Entertainment (AMC). Five Below (FIVE) misses its quarter and sees some price target cuts: KeyBanc and Citi. The stock was once a golden child. Okta (OKTA) shares sink 18% in the premarket. Weird: penalized because it did not make money but no one thought they would. This is a case when the goalposts have changed. Quarterly revenue guidance was light. Canaccord downgrades hold from buy hold, cuts price target to $85 per share from $155. Open-source data platform MongoDB (MDB) misses quarter on all lines. The stock slammed 16% premarket. $21 billion market cap company. Benchmark takes Western Digital (WDC) to a sell from hold. Should hurt competitor Micron (MU). Benchmark downgrades Seagate (STX) to hold from buy. Seagate had a vicious preannouncement Wednesday. Loop downgrades HP Inc. (HPQ) from to hold from buy. It was a terrible cash flow, revenue and enterprise quarter. RBC Capital takes its price target on Club holding Bausch Health (BHC) to $8 per share from $4.50 on key restructuring. Citi starts Intuit (INTU) as a buy, with $538 per share price target. Overly loved? Snap (SNAP) cuts 20% of its 6,000 workers, many engineers. We need engineers. Citi starts Monday.Com (MNDY), an Israel-based software publisher, with a buy and a $156 per share price target. Odd call. Veeva Systems (VEEV) multiple price cuts. The stock sank 12% in the premarket. The cloud stock had been invincible. Atlantic Equities says risk/reward on both Home Depot (HD) and Lowe's (LOW) as attractive, cites "robust" same-store sales trends over three years. Campbell Soup (CPB): Meals and beverage up 18%. Higher gross margins and lower marketing. Snacks up 6%. Mitigation of ongoing inflation. Lots of stuff on this week's Ollie's (OLLI) flier. I would sell Gildan Activewear (GIL), HanesBrands (HBI) and Newell Brands (NWL). (Jim Cramer's Charitable Trust is long NVDA, AMD, MRVL, QCOM and BHC. 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 on Squawk on the Street, June 30, 2022.

Virginia Sherwood | CNBC

What I am looking at Sept. 1, 2022

Semi destruction is ongoing: Nvidia (NVDA) says the U.S. government is restricting chip sales in China and Russia. The stock down 4% premarket. Our other Club semiconductor stocks – Advanced Micro Devices (AMD), Marvell Technology (MRVL) and Qualcomm (QCOM) are taking hits, too. Here's our Club take. Bernstein (the axe) calls Nvidia an incremental negative. But Bernstein's concerns are not insignificant: $400 million per quarter.
Wall Street begins September, historically the worst month of the year, in the red after closing out August, which traditionally has been a solid month, with steep losses. Over 4% declines in August for the Dow Jones Industrial Average, the S&P 500 and the Nasdaq.