Jim Cramer's top 10 things to watch in the market Tuesday: China, Apple, Microsoft

Published Tue, Nov 29 20229:06 AM ESTUpdated Tue, Nov 29 202212:16 PM EST

My top 10 things to watch Tuesday, Nov. 29, 2022 We do not live or work in China — and as we said Monday, we must not fall prey to the U.S. stock futures sellers who only care about what's happening there. Concerns about Covid protests in China keep a lid on stocks in the premarket after the Dow Jones Industrial Average , the S & P 500 and the Nasdaq all closed more than 1.5% lower. The dollar index dips Tuesday. Even though it was up Monday, it's down more than 4% this month. The dollar has been so strong this year that any relief is welcome for our multinational corporations such as Procter & Gamble (PG). One day after dropping on China protest fears in a down market, shares of Club holding Apple (AAPL) are up in the premarket. Deutsche Bank says Apple Pay is growing fast. Could be hard on PayPal (PYPL). Morgan Stanley says Club holding Microsoft (MSFT) has the strongest demand, which will hold up. Analysts at the bank have an overweight (buy) rating on the stock and a $307-per-share price target. Baird cuts price target on Club holding Salesforce (CRM) to $210 per share from $230; keeps outperform (buy) rating. Still too high. Don't forget activist investor group Starboard is in there now. KeyBanc cuts PT to $200 from $210; also keeps overweight (buy) rating. Salesforce reports its fiscal third quarter 2023 after the closing bell Wednesday. Costco (COST) price target lowered to $578 per share from $581 at Deutsche Bank, which keeps its buy rating. Analysts there say investors should stay with retail winners. Costco, a Club holding, reports its monthly sales figures on Nov. 30 and its fiscal first quarter 2023 earnings on Dec. 8. Ulta Beauty (ULTA) gets another vociferous boost — this time Piper Sandler, which takes price target to $525 per share from $510. The beauty retailer reports Thursday — and when you get this multiple-hike ahead of the numbers, as we have with Lululemon (LULU), it portends good things. VF Corporation (VFC) — Vans, The North Face and Timberland — gets a price target cut to $27 per share from $29 at Morgan Stanley; keeps underweight (sell) rating. JPMorgan analyst Matt Boss sees a "challenging 2023 calendar year" after meeting with management. Boss likes high-end Capri Holdings (CPRI) — Versace, Jimmy Choo and Michael Kors — Tapestry (TPR) — Coach and Kate Spade — and Ralph Lauren (RL). I like the latter best and thought they had a good quarter. Citi raises Norfolk Southern (NSC) price target to $250 per share from $225; keeps neutral rating. This railroad union proposal was basically written by the Biden administration , so there will be no strike. Barclays takes PT up $3 per share to $38 on CSX (CSX); keeps overweight (buy) rating. Azek (AZEK): Brutal miss by these guys. Artificial decking. Barclays lowers price target to $23 per share from $27. Priced for a recession. Baird cuts PT to $24 and Wedbush goes down to $16. The stock drops more than 7% in the premarket to just over $16. Baird downgrades Darden Restaurants (DRI) — home of Olive Garden and LongHorn Steakhouse — to neutral from outperform (hold from buy) Analysts there cite lingering economic risk. But they raise DRI price target to $150 per share from $134. This is a call that says the stock has run up too much. Victory lap. (Jim Cramer's Charitable Trust is long PG, AAPL, MSFT, CRM and COST. 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.

Police officers block Wulumuqi street, named for Urumqi in Mandarin, in Shanghai on November 27, 2022, in the area where protests against China's zero-Covid policy took place the night before following a deadly fire in Urumqi, the capital of the Xinjiang region. (Photo by Hector RETAMAL / AFP) (Photo by HECTOR RETAMAL/AFP via Getty Images)

Hector Retamal | Afp | Getty Images