What Cramer is watching on Tuesday – oil outlook, Pinterest and Uber soar, Caterpillar stumbles

Latest / August 2, 2022 / Admin / 0

What I’m Watching August 2, 2022 Is Oil Over? I thought it had resistance here, but a chartist who called the top of West Texas Intermediate crude at around $110 a barrel on “Mad Money,” Carley Garner, now says the next stop is in the range of $85 to $80. WTI below $94 a barrel on Tuesday morning after falling almost 5% in the previous session. Pinterest (PINS), what does the activist firm Elliott Management want? PINS jumps 18% in the pre-market on strong user numbers reported after the bell, despite disappointing quarterly results and guidance. Over 433 million Pinners. $2.7 billion in cash and cash equivalents and market capitalization of $13 billion. New CEO Bill Ready comes from fintech PayPal (PYPL). Could Elliott want to merge the two as it was before PayPal’s collapse? Ads up 25% year over year. MAUs (monthly active users) were down 5% year over year. Quarterly revenue up 9%. Need payments, not just advertising, because readers are commercial. Ready says Elliott “aligned with our vision”. Shopping possibilities. Susquehanna upgraded to buy pending (positive from neutral) on the new CEO and activist. Citi and Barclays raise their price targets. Uber (UBER) jumps 13% in premarket after posting $382 million in free cash flow, positive free cash flow for the first time ever. Uber beat its revenue: $8.07 billion vs. $7.39 billion expected. Net loss of $2.6 billion in the second quarter, of which 65% was due to investments and revaluation of stakes in Aurora, Grab and Zomato. Dow stock Caterpillar (CAT) down 3.5% pre-market after missing quarterly revenue: $14.25 billion vs. $14.37 billion expected. EPS Beat: $3.18 vs. $3.01. Sees improved operating profit. Marriott International (MAR): Quarterly EPS: $1.80 vs. $1.56, beating better-than-expected revenue of $5.34 billion. Added approximately 17,000 rooms worldwide in the second quarter. The full-year EPS forecast is between $6.33 and $6.59, above the $6.02 estimate. Very good, of course. Stocks Rise Nearly 2% in Teladoc Pre-Market (TDOC): Cowen Downgrades to Market Performance from Outperform (Holding Long). Cloud company Arista Networks (ANET) reports a really clean quarter. Price targets collected by Wall Street firms. CEO Jayshree Ullal on “Mad Money” tonight. Activision Blizzard (ATVI) slight quarterly miss. But being bought by Club Holding Microsoft (MSFT) might not matter. Earnings per share of DuPont (DD) beat: 88 cents against 85 cents expected. But pessimistic outlook. Everyone braces at Colgate (CL): Barclays raises price target to $74 per share from $71. Organic sales growth above expectations. Agricultural machinery manufacturer AGCO Corp. (AGCO) claims that the tightness of raw materials and semiconductors is starting to break down. The supply chain is improving. The problem is not the grain. BMO recommends the club name Constellation Brands (STZ) – a beer, wine and spirits giant – with an outperform (buy) rating and a price target of $290 per share. That would be 20% higher than Monday’s close. Peer review submission. Mizuho raises the price target on On Semiconductor (ON) to $72 per share from $68. I thought the quarterly results were great. Morgan Stanley and Susquehanna are also increasing their PTs. (Jim Cramer’s Charitable Trust is long MSFT and STZ. See here for a full stock list.) As a CNBC Investing Club subscriber with Jim Cramer, you’ll 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 talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, AS WELL AS OUR DISCLAIMER. NO OBLIGATION OR FIDUCIARY DUTY EXISTS, OR IS CREATED BY YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.

Working pumpjacks are seen at the Montebello Oil Field in Montebello, California. Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries.

Frederic J. Brown | AFP | Getty Images

What I watch August 2, 2022

Is oil over? I thought it had resistance here, but a chartist who called the top of West Texas Intermediate crude at around $110 a barrel on “Mad Money,” Carley Garner, now says the next stop is in the range of $85 to $80. WTI below $94 a barrel on Tuesday morning after falling almost 5% in the previous session.

Activision Blizzard Inc., AGCO Corporation, Arista Networks Inc., Breaking News: The Markets, Caterpillar Inc., Colgate-Palmolive Co, Constellation Brands Inc., Dividends, Dupont De Nemours Inc., earnings, economic news, Investment strategy, Jim Cramer, Markets, Marriott International Inc., Microsoft Corp., ON Semiconductor Corporation, PayPal Holdings Inc., Pinterest Inc., Teladoc Health Inc., Uber Technologies Inc, WTI Crude (Sep 22)