My top 10 things to watch Thursday, Aug. 22 1. Wall Street is on track for a slightly higher open Thursday after stocks returned to their winning ways in the prior session. The S & P 500 and Nasdaq Composite have now advanced in nine of their past 10 trading days. My trusted momentum indicator, the S & P Short Range Oscillator, is still saying we’re in overbought conditions. 2. James Gorman, former Morgan Stanley CEO and now Disney board member, is taking over the Bob Iger succession planning. Iger came back to Disney as CEO in November 2022 in an urgent move to right the ship. Iger has a contract that runs through 2026. 3. Citi thinks Club name Nvidia can make new highs following next week’s earnings report. The analysts expect the company to reassure investors about Blackwell, its next-generation artificial intelligence chip platform. Nvidia hit a rough patch with the overall market earlier in the month. But shares have been on the upswing over the past couple of weeks. 4. Citi raised its price target on Abbott Laboratories to $127 per share from $119, calling it a medical device favorite. We trimmed our position a tad Tuesday on concerns about diabetes device makers in reaction to fellow Club name Eli Lilly ‘s new study for obesity drug Zepbound. There’s also the legal overhang due to specialized baby formula lawsuits. 5. TJX Companies met the moment with an excellent quarter Wednesday. Barclays and Wells Fargo liked what they saw and kept their hold ratings on the stock. Citi downgraded to hold, saying the Club off-price retailer is too expensive versus other stocks in sector. The analysts questioned TJX’s market cap being 60% higher than the value of Target. 6. Target’s surprise great quarter kicked off a series of price target hikes on Wall Street, including Wells Fargo, which went to $180 per share from $160. Wells kept its buy rating on Target. 7. Urban Outfitters shares dropped 13% after the specialty retailer missed on quarterly comparable store sales in all three of its divisions. Anthropologie and Free People are Urban Outfitters’ other units. 8. Stifel cut its price target on Lululemon to $370 per share from $416 but kept the stock at a buy. The re-rating seems overdone on growth concrerns. Citi cut the stock to $270 from $300. Expect a guidance cut when the company reports quarterly results next week. 9. Snowflake’s quarter wasn’t bad. But the stock dropped 10%. Margin declines? Databricks competition? Hack overhang that they didn’t cause? Very disliked company? Long-standing belief that Snowflake is just a data warehouse for “structured” data while Databricks is an AI-infused warehouse that is far more valuable for structured and unstructured. 10. Bank of America cut its Dell Technologies price target to $150 per share from $180. The analysts kept their buy rating. Ahead of next week’s earnings, BofA argued the recent pullback is a “particularly attractive opportunity.” Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at 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.
My top 10 things to watch Thursday, Aug. 22
1. Wall Street is on track for a slightly higher open Thursday after stocks returned to their winning ways in the prior session. The S&P 500 and Nasdaq Composite have now advanced in nine of their past 10 trading days. My trusted momentum indicator, the S&P Short Range Oscillator, is still saying we’re in overbought conditions.
2. James Gorman, former Morgan Stanley CEO and now Disney board member, is taking over the Bob Iger succession planning. Iger came back to Disney as CEO in November 2022 in an urgent move to right the ship. Iger has a contract that runs through 2026.
3. Citi thinks Club name Nvidia can make new highs following next week’s earnings report. The analysts expect the company to reassure investors about Blackwell, its next-generation artificial intelligence chip platform. Nvidia hit a rough patch with the overall market earlier in the month. But shares have been on the upswing over the past couple of weeks.
4. Citi raised its price target on Abbott Laboratories to $127 per share from $119, calling it a medical device favorite. We trimmed our position a tad Tuesday on concerns about diabetes device makers in reaction to fellow Club name Eli Lilly‘s new study for obesity drug Zepbound. There’s also the legal overhang due to specialized baby formula lawsuits.
5. TJX Companies met the moment with an excellent quarter Wednesday. Barclays and Wells Fargo liked what they saw and kept their hold ratings on the stock. Citi downgraded to hold, saying the Club off-price retailer is too expensive versus other stocks in sector. The analysts questioned TJX’s market cap being 60% higher than the value of Target.
6. Target’s surprise great quarter kicked off a series of price target hikes on Wall Street, including Wells Fargo, which went to $180 per share from $160. Wells kept its buy rating on Target.
7. Urban Outfitters shares dropped 13% after the specialty retailer missed on quarterly comparable store sales in all three of its divisions. Anthropologie and Free People are Urban Outfitters’ other units.
8. Stifel cut its price target on Lululemon to $370 per share from $416 but kept the stock at a buy. The re-rating seems overdone on growth concrerns. Citi cut the stock to $270 from $300. Expect a guidance cut when the company reports quarterly results next week.
9. Snowflake’s quarter wasn’t bad. But the stock dropped 10%. Margin declines? Databricks competition? Hack overhang that they didn’t cause? Very disliked company? Long-standing belief that Snowflake is just a data warehouse for “structured” data while Databricks is an AI-infused warehouse that is far more valuable for structured and unstructured.
10. Bank of America cut its Dell Technologies price target to $150 per share from $180. The analysts kept their buy rating. Ahead of next week’s earnings, BofA argued the recent pullback is a “particularly attractive opportunity.”
Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free
(See here for a full list of the stocks at Jim Cramer’s Charitable Trust.)
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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.
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