What Cramer is watching Thursday — cooler inflation, FTX crypto fallout, TJX upgrade

Published Thu, Nov 10 20229:26 AM EST

What I am looking at Thursday, Nov. 10, 2022 U.S. stock futures shot up more than 800 points and the 10-year Treasury yield sank below 4% after the government's October consumer price index came in at 7.7% year over year, cooler than the expected 7.9%. Core CPI, which excludes energy and food costs, rose 6.3% year over year versus 6.5% expected. The dollar index , which has been so strong this year, dropped 1% and gold ripped 1.7% higher after the retail inflation release. Could this be the number that allows the Federal Reserve slow its aggressive tightening? Fed pivot? Economic soft landing possible? For the Club on Thursday morning, we're looking to use this market pop to book some profits. Freight forwarder CH Robinson Worldwide (CHRW) is ready to lay off 1,000 to 1,200 mostly white collar jobs, according to an industry publication , due to a much deeper slowdown than predicted. SUDDEN: This is an incredibly meaningful story because this had been a huge logistical issue. Big cause of inflation is collapsing. Sam Bankman-Fried and the continued fallout-the end of the oddball coins? Binance backs out of rescue of Bankman-Fried's FTX, leaving the crypto exchange on the brink of collapse. FTX's native token FTT lost most of its value. Bitcoin, which has taken a beating lately on all this uncertainty, actually rose about 5%, back over $17,000 after the CPI print. Citi cuts price target on Coinbase Global (COIN) to $80 per share from $105, believing the FTX troubles could be a clearing event in the crypto market. Maybe it spurs legislation? Market cap of crypto $872 billion , down from $3 trillion at peak. But pre-Covid pandemic $190 billion, so still could have a huge amount to fall. Binance fall out not done. There are 234 coins on Coinbase. JPMorgan says deleveraging. Oppenheimer cuts price target on Club holding Salesforce (CRM) to $200 per share from $240; keeps outperform (buy) rating. Analysts there lowering 2024 and 2025 revenue growth forecasts. Gordon Haskett upgrades Club holdings TJX Companies (TJX) to buy from hold, with an $80 per share price target. The off-price retail reports its quarter next week. Cybersecurity provider Palo Alto Networks (PANW): Loop Capital says checks indicate strength in its enterprise; upgrading to buy from hold and raising price target to $200 per share from $183. Prolonged refresh cycle. High moral. Wedbush removes Tesla (TSLA) from its Best Ideas list, says Twitter an albatross. TSLA selling is because of Elon Musk's distraction with Twitter. Wolfe Research downgrades General Motors (GM) to peer perform from outperform (hold from buy), citing pricing concerns. Meaningful. (Jim Cramer's Charitable Trust is long CRM and TJX. 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.

Shoppers are seen in a Whole Foods Market on October 14, 2022, in Atlanta, Georgia.

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What I am looking at Thursday, Nov. 10, 2022

U.S. stock futures shot up more than 800 points and the 10-year Treasury yield sank below 4% after the government's October consumer price index came in at 7.7% year over year, cooler than the expected 7.9%. Core CPI, which excludes energy and food costs, rose 6.3% year over year versus 6.5% expected. The dollar index, which has been so strong this year, dropped 1% and gold ripped 1.7% higher after the retail inflation release.