Jim Cramer's top 10 things to watch in the market Tuesday: Wells Fargo, 3M, Meta

Published Tue, Dec 20 20229:03 AM EST

My top 10 things to watch Tuesday, Dec. 20, 2022 1. The Bank of Japan surprisingly widens its target range on 10-year Japanese government bond yields. Tightening cycle? Hurt our bonds, then our stocks. U.S. stock futures point to a modestly higher open, but Wall Street just can't seem to shake its recent Fed-driven turn lower. 2. Wells Fargo (WFC) agrees to a $3.7 billion settlement with the government's Consumer Financial Protection Bureau (CFPB) over consumer abuses. Shares of the Club holding dropped about 2% in the premarket. 3. 3M (MMM) promises to stop making so-called forever chemicals, setting a 2025 deadline . Ceasing PFAS production is very necessary given the issues with groundwater worldwide. 3M expects a fourth-quarter per-tax charge between $700 million to $1 billion. Over the course of exiting PFAS, 3M says it may need to take a total of $1.3 billion to $2.3 billion in charges. 4. JPMorgan reinstates DuPont (DD) with an overweight (buy) rating and a $75-per-share price target. Noted analyst Stephen Tusa says DD is the new MMM. It's worth noting that DuPont and 3M were sued last month by California to recover PFAS clean-up costs. 5. Wells Fargo analysts believe an ESPN/ABC spinoff from Club stock Disney (DIS) is a "reasonably probable event" late next year. 6. MoffettNathanson says a considerable cap-ex cut could be coming at Meta Platforms (META). Could be significant and return the Club stock to outperformance. It has been horrible this year. 7. Evercore ISI upgrades Union Pacific (UNP) to outperform from in line (buy from hold) and raises price target to $232 per share from $204. Meanwhile, Analysts downgrade Norfolk Southern (NSC) to hold from buy but increase PT to $262 from $240. 8. American (AAL) and other airlines saw price target cuts on Wall Street. Really rather amazing that this group is back to where the Covid pandemic began. 9. Barclays raises price target on Merck (MRK) to $128 per share from $110 and keeps overweight (buy) rating. Analysts cite cancer treatment dynamics. 10. Mizuho cuts price target on Tesla (TSLA) to $285 per share from $330 but keeps buy rating. Analysts cite tough auto market going into the new year, due largely in part to higher interest rates. (Jim Cramer's Charitable Trust is long WFC, DIS and META. 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.

My top 10 things to watch Tuesday, Dec. 20, 2022

1. The Bank of Japan surprisingly widens its target range on 10-year Japanese government bond yields. Tightening cycle? Hurt our bonds, then our stocks. U.S. stock futures point to a modestly higher open, but Wall Street just can't seem to shake its recent Fed-driven turn lower.

2. Wells Fargo (WFC) agrees to a $3.7 billion settlement with the government's Consumer Financial Protection Bureau (CFPB) over consumer abuses. Shares of the Club holding dropped about 2% in the premarket.