What Cramer is watching Tuesday — possible GOP gains, Nvidia bounces, Kohl's CEO out

Published Tue, Nov 8 20229:18 AM ESTUpdated Tue, Nov 8 20229:24 AM EST

What I am looking at Tuesday, Nov. 8, 2022 — Election Day Midterm voting: We should have some signs early evening from the exit polls. No windfall profits tax on Big Oil if House Minority Leader Kevin McCarthy were to replace Nancy Pelosi as speaker should Republicans take the House. McCarthy is from Kern County, where there is large oil reserves. Polling favors GOP to pick up seats and take Senate. Ahead of the midterm results, U.S. stock futures point to a higher Wall Street open Tuesday. Another big event for investors comes Thursday with the release of the government's latest consumer inflation data. Morgan Stanley sees bottom nearing for tech. Risk reward is becoming compelling. Semi secular drivers. Bearish on many of the underlying end markets, Autos and data centers have remained resilient lease. Semiconductor manufacturer GlobalFoundries (GFS) up 10% in the premarket. Solid beats. Record revenues. Really strong quarter. Nvidia (NVDA) offers different chip to China to address U.S. government export restrictions. A-800, instead of the A-100. So home free with China. Stock goes higher. Kohl's (KSS) shares jump 10% in the premarket after the department store chain announces the departure of CEO Michelle Gass, who is leaving to lead Levi Strauss (LEVI). Kohl's board member Tom Kingsbury becomes interim CEO . Preliminary guide higher. Morgan Stanley says buy the dip on Apple (AAPL) as issues there are strictly supply not demand, like I said this weekend when the news hit that Covid restrictions at a major assembly plant in China run by Foxconn is slowing production of iPhone 14 Pro and Pro Max. The increase in device wait times are not ideal from a consumer perspective as delivery dates extend beyond black Friday. Lyft (LYFT) downgraded to in line from outperform (hold from buy) at Evercore, one of many negative Wall Street notes. Lyft is well behind Uber (UBER) when it comes to profitability, and it has bad stock-based compensation. Big insurance costs but no shortage of drivers, which is a big change. Lyft shares drop 17% in the premarket. Take-Two Interactive (TTWO) shares sink 16% in the premarket. Price target cuts: Credit Suisse to $122 per share from $137 and Baird to $120 from $140. Lowered than expected unit sales. Lack of new titles in video game buying slowdown. Mobile (in app) good, ad bookings good. Raymond James cuts price target on Palantir (PLTR) to $15 per share from $20 but has strong buy. Quarter relatively clean for the maker of software to data-driven decisions. Morgan Stanley starts chipmaker ASML (ASML) with an overweight (buy) rating). Zoomtopia Day on "Mad Money": Apps for Zoom Video (ZM), can save it from being just pandemic? International Flavors & Fragrances (IFF) price-target cut to $130 per share from $145 at Credit Suisse. Looks like lower-end reported. Virtual banking services provider Q2 Holdings (QTWO) disaster, down 19% in the premarket. Widespread price-target cuts, including Piper Sandler lowering to $22 per share from $45 and downgrading rating to underweight from neutral (sell from hold). Citi cuts Expedia (EXPE) price-target $102 per share from $118, says bookings were below expectations. I ; I thought they were in-line. DuPont (DD): Lucky or good? Cellphones bad, rest good. Sold Mobility and Materials unit to Celanese (CE). No Rogers (ROG) deal. Missed targets. 11% top-line organic growth. Offset raw materials. Strong customer demand. Earnings before interest, taxes, depreciation (EBITDA) margin improvement. Meanwhile, multiple price cuts on Celanese. But an interesting story at this chemical and specialty materials company. Mizuho cut price target on cloud data provider Snowflake (SNOW) to $185 per share from $225 but keeps buy rating. Contraction of multiples. Barclays upgrades Scotts Miracle-Gro (SMG) to overweight from equal weight (buy from hold), but holds price target steady at $75 per share. Analysts there point to the stock's 16% free cash flow yield. (Jim Cramer's Charitable Trust is long AAPL and NVDA. 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.

Cars drive beneath a placard that states "VOTE DEFEND DEMOCRACY on NOV. 8th" affixed to street pole the day before the midterm general election on November 7, 2022 in Philadelphia, Pennsylvania.

Mark Makela | Getty Images

What I am looking at Tuesday, Nov. 8, 2022 — Election Day

Midterm voting: We should have some signs early evening from the exit polls. No windfall profits tax on Big Oil if House Minority Leader Kevin McCarthy were to replace Nancy Pelosi as speaker should Republicans take the House. McCarthy is from Kern County, where there is large oil reserves. Polling favors GOP to pick up seats and take Senate.
Ahead of the midterm results, U.S. stock futures point to a higher Wall Street open Tuesday. Another big event for investors comes Thursday with the release of the government's latest consumer inflation data.
Morgan Stanley sees bottom nearing for tech. Risk reward is becoming compelling. Semi secular drivers. Bearish on many of the underlying end markets, Autos and data centers have remained resilient lease.