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What Cramer is watching Friday — jobs data no help for Fed, AMD mixed reviews, Meta ‘compelling’

What I am looking at Friday, Oct. 7, 2022 Stocks down. Bond yields up. The government’s September employment report : Nonfarm payrolls up 263,000 versus 275,000 expected, jobless rate 3.5% versus 3.7% expected. While fewer-than expected jobs were added last month, the market seems to be saying that the data was not enough to deter the Federal Reserve from raising interest rates 75 basis points at its fourth straight meeting to fight inflation. Wage inflation: average hourly earnings up 0.3% in September, up 5% year over year — slightly higher and slightly lower than expectations, respectively. Whither AMD? Club holding Advanced Micro Devices (AMD) issued a third-quarter revenue warning after the closing bell Thursday. Shares drop nearly 7% in the premarket. Is the problem just personal computers? Is it the same as Micron (MU)? I would say so. Goes down and then settles. The magnitude is disturbing because we thought it was less dependent upon PCs after the Xilinx deal, and we were wrong. On Friday morning, multiple price target cuts on AMD. Club holding Meta Platforms (META): Citi sees “compelling” risk/reward. Reels ramping. Reiterates buy rating with a $222 per share price target. Piper Sandler puts an overweight (buy) rating on Club holding Halliburton (HAL) and $36 per share price target. Transocean (RIG) and NOV Inc. (NOV) get neutral (hold) ratings. WTI crude tops $90 per barrel on Friday, tracking for its strongest week since March on the OPEC+ production cut. Corona beer maker Constellation Brands (STZ): Credit Suisse cuts price target to $276 per share from $277 but UBS raises PT to $281 from $270. Club holding’s quarter was excellent. CEO Bill Newlands defends careful guidance . Cannabis stocks in the premarket give back some of Thursday’s huge gains on President Job Biden’s pot pardons. He also called for a review of how marijuana is classified under federal law, saying the current status “makes no sense.” Canopy Growth (CGC) jumped 22% on Thursday. Constellation holds a big stake in Canopy. Walgreens Boots Alliance (WBA) price target cut to $36 per share from $49 at Mizuho. Third quarter earnings set for release on Oct. 13. Levi Strauss (LEVI) on “Mad Money” Friday night. No one is immune from the economic slowdown. Morgan Stanley starts LEVI with an equal weight (hold) rating with a $19 per share price target. Lyft (LYFT) downgraded to sector perform from outperform (hold from buy) at RBC Capital. Competitive challenges. Zoom Video (ZM) cut to neutral from overweight (hold from buy) at JPMorgan. Baird downgrades Norfolk Southern (NSC) to neutral from outperform (hold from buy); lowers price target to $240 per share $280. Citi cuts GXO Logistics (GXO) price target to $52 per share $61 on ongoing freight deceleration. (Jim Cramer’s Charitable Trust is long AMD, STZ 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.

A “We Are Hiring” sign is posted in front of a restaurant in Los Angeles, California on August 17, 2022.
Frederic J. Brown | AFP | Getty Images

What I am looking at Friday, Oct. 7, 2022

Stocks down. Bond yields up. The government’s September employment report: Nonfarm payrolls up 263,000 versus 275,000 expected, jobless rate 3.5% versus 3.7% expected. While fewer-than expected jobs were added last month, the market seems to be saying that the data was not enough to deter the Federal Reserve from raising interest rates 75 basis points at its fourth straight meeting to fight inflation. Wage inflation: average hourly earnings up 0.3% in September, up 5% year over year — slightly higher and slightly lower than expectations, respectively.

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