Jim Cramer’s top 10 things to watch in the stock market Thursday

2. Fed non-shocker: The decision and commentary from Fed Chair Jerome Powell were very much in line with expectations. The economy remains very strong, with latest employment numbers pushing the 10-year Treasury yield to 4.48%, its highest level in 15 years. The 20-year Treasury is now above 4.6%.

3. Cisco (CSCO) is buying cybersecurity company Splunk (SPLK) for $28 billion. Splunk CEO Gary Steele — who previously was the founding CEO of Proofpoint — will stay on as member of the executive team reporting to Cisco CEO Chuck Robbins. The acquisition is one of Cisco’s largest and continues its buying spree this year.

4. FedEx (FDX) delivers earnings beat and raise for its fiscal first quarter. Added about 400,000 packages in average daily volume. Its Express division posted operating income increase of 18%, though revenue declined 9%. Best quarter ever for Ground, with operating income up 59%. Company’s “drive” program to consolidate operating companies led to $1.8 billion in savings. Price target raises from several Wall Street firms this morning.

5. Lead times for all iPhone 15 models have expanded, reports JPMorgan. The modem chip in the new phones is all on Qualcomm (QCOM), as Apple (AAPL) was unable to design and build its own chip in time.

6. Latest on auto workers strike: Stellantis (STLA) makes new contract offer, which is better but not enough for the United Auto Workers union. The union is striking one plant each at Stellantis, General Motors (GM) and Ford Motor (F), but has threatened more work stoppages if talks go nowhere.

7. Costco (COST) same store sales comps are expected to be the lowest since 2017 heading into its earnings report Sept. 26. But still growing traffic and membership. Has held off on fee hike.

8. CrowdStrike (CRWD) provides updated target operating model at its Analyst Day on Wednesday, expects “significant” free cash flow margin expansion over the next three to five years that is well ahead of Street expectations. CRWD remains top pick at BMO Capital, Wedbush raises price target to $200 from $170.

9. Olive Garden parent Darden (DRI) beat on earnings and sales in its quarterly report Thursday. However, same-store sales of the company’s fine-dining segment fell more than expected. EPS was $1.78 adjusted vs. $1.74 expected. Revenue: $2.73 billion vs. $2.71 expected.

10. Boston Scientific (BSX) raises EPS forecast at its 2023 Investor Day presentation. Mizuho, Baird, UBS and Stifel raise price targets.

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