By What the Club is watching Wednesday — Disney’s big China win, an iPhone warning, oil slips
What we’re looking at Nov. 23, 2022 Wedbush analyst Daniel Ives says demand for Apple (AAPL) iPhone 14 heading into Black Friday is well above supply and could cause major shortages this holiday season. The Street is awaiting the latest Fed meeting minutes — which are expected Wednesday afternoon at 2 p.m. — for clues into the central bank’s thinking ahead of its next meeting in December. Economists are currently predicting at 0.5% rate hike, following a 0.75% lift earlier this month. Jobless claims for the week ended Nov. 19 rose to 240,000, above the 225,000 economists expected, the Department of Labor reported this morning. Durable goods orders for October, also released Wednesday, increased 1%, above the expected 0.5%. Tesla (TSLA) is upgraded to neutral from sell at Citi, says stock’s 57% decline year to date has balanced out the risk reward. Deere (DE) delivered a big quarterly beat with sales up 37% over last year to $15.54 billion vs. Street consensus of $13.38 billion. EPS hit $7.44 vs. $7.09 estimate. The heavy equipment maker guided net income for next year at $8 billion to $8.5 billion vs. $7.8 billion expected by analysts. Shares jumped more than 4% in the premarket. Manchester United (MANU) shares surged nearly 10% in the premarket, following a 15% jump on Tuesday, after the soccer club’s owners said it was considering a sale of the team. Scarce asset. Oil prices slid on news the European Union is discussing a price cap on Russian oil between $65 to $70 per barrel. Charts suggest one last washout could happen before a big rally. New Disney (DIS) CEO Bob Iger gets a win on the board early as “Avatar: The Way of Water” is approved for a coveted China release in December. Morgan Stanley assumes coverage on a few health-care names, likes CVS Health (CVS) and UnitedHealth Group (UNH). Not a believer in Walgreens (WBA). Autodesk (ADSK) sank nearly 10% in premarket trading after the maker of design software issued weaker-than-expected guidance due to foreign exchange headwinds and macroeconomic challenges, highlighting the issues with the software sector right now. More love for off-price retail as Burlington Stores (BURL) received a round of price target increases after Tuesday’s earnings report. The Club prefers TJX Companies (TJX), which has been a home run this year, but all of the big three ( Ross Stores is the other one) have worked. Medtronic (MDT) downgraded to neutral from buy at Citi. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) 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.
