What Cramer is watching Tuesday — Nike drops, Morgan Stanley pops, Goldman likes beer stocks

Published Tue, Jun 28 20228:35 AM EDTUpdated Tue, Jun 28 20229:25 AM EDT

What I am looking at June 28, 2022 Nike (NKE) tops estimates on earnings and revenue. But it's a 2023 story because so many things are still going wrong in inventory, transit slowness of China to re-open. BMO lowers price target to $128 per share from $142; JPMorgan says Nike missed "buy-side bar"; Citi lowers price target to $116 from $123; Stifel lowers price target to $135 from $150; Baird goes to $140 from $150. After Fed stress tests, Morgan Stanley (MS), a Club name, announces $20 billion buyback — that's 14.7% of its stock market value; it also increases dividend 11% for a 4% yield at current share price. Goldman Sachs upgrades Molson Coors (TAP) to hold from sell, citing stabilization; Goldman analyst Herzog also says Constellation Brands (STZ), a Club name, will do a clean beat and raise when the Corona beer maker reports earnings Thursday UBS downgrades eBay (EBAY) to hold from buy. Jefferies goes to buy from hold on Snowflake (SNOW) — it's back. Piper likes ON Semiconductor (ON) ahead of quarterly results. BMO upgrades Fortinet (FTNT) to buy from hold, sees 20% revenue growth. Qualcomm (QCOM), a Club name, is added to "U.S. 1 List" at Bank of America. Penn National Gaming (PENN) started as outperform at JMP Securities, which also likes DraftKings (DKNG) Deutsche Bank cuts price target on Robinhood Markets (HOOD) to $9 per share from $10; Morgan Stanley sees wide strategic value as takeover talk swirls; Mizuho thinks HOOD can "survive and thrive on its own." Deutsche Bank cuts price target on Schwab (SCHW) to $80 per share from $84 Piper Sandler sees big, $5 billion opportunity for Expedia (EXPE) in business-to-business. Barclays says Micron Technology (MU) will miss its quarter, lowers price target to $75 per share from $105; sees consumer end markets weakening. Citi lowers price target on Carnival (CCL) to $12.50 per share from $22. Guggenheim takes Etsy (ETSY) price target to $101 per share from $170. Deutsche Bank cuts estimates on Tesla (TSLA) ahead of delivery report; lowers second-quarter revenue estimate. JetBlue (JBLU) again increases offer for Spirit Airlines (SAVE). Spirit shareholders vote Friday. Frontier Airlines (ULCC) sweetened its bid last week. Spirit favors Frontier transaction over JetBlue. UBS lowers price target on KLA Corporation (KLAC) to $345 per share from $360, trimming wafer fab equipment (WFE) forecast. Walgreens Boots Alliance (WBA) decides after strategic review to keep its Boots business. Stifel cuts Lyft (LYFT) price target to $18 per share from $28; sees capital constraints. (Jim Cramer's Charitable Trust is long QCOM, MS and STZ. 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.

A man walks past the Nike logo seen in a window of a brand store in Kiev.

Pavlo Gonchar | LightRocket | Getty Images

What I am looking at June 28, 2022

Nike (NKE) tops estimates on earnings and revenue. But it's a 2023 story because so many things are still going wrong in inventory, transit slowness of China to re-open. BMO lowers price target to $128 per share from $142; JPMorgan says Nike missed "buy-side bar"; Citi lowers price target to $116 from $123; Stifel lowers price target to $135 from $150; Baird goes to $140 from $150.
After Fed stress tests, Morgan Stanley (MS), a Club name, announces $20 billion buyback — that's 14.7% of its stock market value; it also increases dividend 11% for a 4% yield at current share price.