What Cramer is watching Monday — Delta's big buy, solid bank results, the Micron effect

What Cramer is watching Monday — Delta’s big buy, solid bank results, the Micron effect

A Bank of America branch in San Francisco on Jan. 14, 2021.

David Paul Morris | Bloomberg | Getty Images

What I am looking at July 18, 2022

  • Quarterly earnings report from Bank of America (BAC) was very solid. Revenue rose 6% to $22.79 billion, beating analyst estimates. Loan growth is good. The consumer is amazingly good — don’t know if consumer can be slowed down easily.  
  • Goldman Sachs (GS) posted profit and revenue that beat analysts’ estimates. Earnings $7.73 a share vs. $6.58 per share consensus.
  • Citigroup (C) and Wells Fargo (WFC) quarterly results were both better than expected. Like Micron (MU), they fell in anticipation of down earnings and then reversed when they weren’t as bad as feared.
  • Raytheon (RTX) CEO Greg Hayes tells CNBC the company will be sold out of new narrow body planes in six or seven years. How can they not make more? How could the aircraft companies been so ill-advised? Greg pleads for rate hikes to slow things down so he can get the workers (mostly engineers) to build planes. NATO will be big source of orders.
  • Barclays cuts the price targets of a bunch of utilities to bring home the idea that it might be over for this group right now.
  • Stifel lowers the price target on industrial Parker-Hannifin (PH) to $283 from $343 … all about baking in a recession.
  • Roku price target lowered to $80 from $105 at Morgan Stanley. Analyst is cautious about the consumer; if cautious, wouldn’t you cut the cord?
  • Starbucks (SBUX): Finally, a price target raise. Piper Sandler’s Nicole Miller Regan goes to $84 from $80.
  • Housing analyst Ivy Zelman says cancellations for home sales have spiked because of the warp speed of rate hikes.
  • Delta (DAL) buys 100 Boeing (BA) Max planes — first major order with the plane maker in more than a decade.
  • UnitedHealth (UNH) price target raised to $587 from $570 at Morgan Stanley — another great quarter from a Dow stock.
  • Bitcoin bounces back, tops $22,000 … takes pressure off market. 
  • Constellation Brands (STZ) remains a top pick at Jefferies.
  • Paramount (PARA) downgraded to sell from hold at Morgan Stanley.
  • Disney (DIS) is raising ESPN+ subscription price to $9.99 from $6.99 a month.
  • Deutsche Bank is very cautious on autos, downgrades General Motors (GM) to hold on earnings risk. Favors Tesla (TSLA), seeing opportunity after 30% pullback in shares.
  • Kraft Heinz (KHC) initiated with a buy at Mizuho, says Street is undervaluing company’s growth potential.
  • Bernstein analyst Toni Sacconaghi is modestly increasing his third-quarter estimates for Apple (AAPL), due to better-than-expected supply and healthy Chinese demand. But he’s worried about 2023 numbers …

(Jim Cramer’s Charitable Trust is long AAPL, STZ, WFC. See here for a full list of the stocks.)

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