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Club holding Caterpillar (CAT) downgraded to neutral (hold) at Baird; price target cut to $230 per share from $290. Disney (DIS), a Club stock, price target is lowered to $130 per share from $145 at Citi; keeps a buy rating following last week's solid earnings and restructuring announcement. Merck (MRK) price target is increased to $125 per share from $120 at Credit Suisse. 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.
Activist investor Ryan Cohen is building a stake in the department store chain as he looks to shake up its board, people familiar with the matter told CNBC. Tritton had once worked at Nordstrom, and Cohen thinks this makes him "conflicted and unqualified" to serve, the Journal report said. JWN 1D mountain Nordstrom shares surged after a report says Ryan Cohen is building a stake in the department store chain. 'Begs for an activist' The department store business hasn't been an easy one as shoppers buy more goods online or look to avoid large malls. The analyst also recalled that El Puerto de Liverpool, a Mexico City-based department store operator, holds a 10% stake in Nordstrom.
Pressure from activist investors is mounting at Club holding Salesforce (CRM). Elliott's investment in Salesforce comes roughly three months after activist investor Starboard Value disclosed a position in the company. Moreover, Jim Cramer has said, at least two other investors with activist backgrounds, including Jeff Ubben , have taken a stake in Salesforce. If these high-profile investors thought Salesforce was irreparably damaged company, whose tech was at a competitive disadvantage, they may have looked elsewhere. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Bed Bath & Beyond warned last week that it is running out of cash and is considering filing for bankruptcy protection . Buy Buy Baby is owned by Bed, Bath & Beyond. Some 59% of Bed, Bath & Beyond stores have a Sleep Number location within 10 minutes, according to UBS. HomeGoods, owned by TJX , competes with Bed, Bath & Beyond in home furnishings, kitchen products and other accessories. Some 40% of Bed, Bath & Beyond stores have a Costco within a 10-minute drive, while 43% have a Sam's Club.
Later in the session, prices turned lower and U.S. oil prices are dropping another 1% on Tuesday. Deutsche Bank updates Club name Estee Lauder (EL) to buy from hold; raises price target to $266 per share from $209. In off-price target, the Club likes and owns TJX Companies (TJX), with T.J. Maxx, Marshalls and HomeGoods brands. However, Deutsche Bank raises price target on Club holding and Corona beer maker Constellation Brands (STZ) to $249 per share from $244; keeps hold rating. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Cathie Wood's Ark Invest is continuing to buy the dip in crypto stocks even as the fallout from the FTX collapse is creating new stresses in the digital currency world. The Ark Innovation ETF (ARKK) bought nearly 164,000 shares of Coinbase on Wednesday, while the Ark Fintech Innovation ETF (ARKF) added about 82,000 shares of Coinbase and bought roughly 141,000 shares of Silvergate Capital . Shares of Coinbase and Silvergate have dropped roughly 32% and 47%, respectively, since the end of October. These moves follow the Ark Next Generation Internet ETF (ARKW) buying shares of the Grayscale Bitcoin Trust on Monday and Tuesday. The flagship Ark Innovation ETF is down nearly 60% for the year.
Truist raises price target on Eli Lilly (LLY) to $421 per share from $400. Club holding Procter & Gamble (PG) price target cut to $130 per share from $140 at Credit Suisse. Mizuho cuts price target on Club holding Salesforce (CRM) to $225 per share from $235. Amazon initiated with an outperform (buy) rating at MoffettNathanson, with a price target of $118 per share. Bank of America double upgrades Netflix (NFLX) to a buy rating from a sell, with a price target of $370 per share.
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Buying health stocks DHR as a China reopening play Tech cutting costs 1. As a result, we believe that right now is a great opportunity to buy health-care stocks on the dip, and recommend Johnson & Johnson (JNJ). 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.
Gap eliminating about 500 corporate jobs as sales fall
  + stars: | 2022-09-20 | by ( Stefan Sykes | ) www.cnbc.com   time to read: +1 min
The job cuts, which include open positions, will be primarily at Gap's offices in San Francisco, New York and Asia and hit various departments, a representative for the retailer confirmed Tuesday. Gap Inc. is cutting about 500 corporate jobs as the clothing retailer struggles with declining sales. Ye said Gap failed to distribute Yeezy products at its stores by the second half of 2021 and did not create dedicated Yeezy Gap stores as promised. Ye told CNBC he was dissatisfied with progress on launching physical Yeezy stores in partnership with the retailer. Gap later confirmed the break, but said it still plans to work through its Yeezy product pipeline.
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