My top 10 things to watch on Thursday, March 21 1. Fed: Stop getting caught up in the timing of rate cuts. We aren’t fighting the Fed, move on. The central bank penciled in three quarter-percentage-point cuts by the end of 2024, which would be the first reductions since the early days of the pandemic in 2020. The Federal Reserve also said it would keep interest rates unchanged at its policy meeting on Wednesday. All three major averages closed at new highs. 2. Reddit priced its IPO on Wednesday at $34 a share, which values the 19-year-old social media company at about $6.5 billion. It is expected to make its trading debut today, under the ticker symbol “RDDT.” Will they know how to do the deal? When it will open? Can they open it? Reddit CEO Steve Huffman will be on “Squawk on the Street” at 9 a.m. ET to discuss. 3. Bloomberg reports that the U.S. Department of Justice is preparing to sue Apple as soon as this week accusing the company of violating antitrust laws. We have to be more concerned because this is the Justice Department and not the Federal Trade Commission. This has been much rumored. There has long been a belief that Apple is a monopolist when it comes to the App Store. We need to see more, but the long-standing issue is how Apple says “take it or leave it” when it comes to the deals they offer for the App Store. I have always thought that the App Store is like Costco : You want to sell in Costco, you sell on our terms. It’s worth it. 4. Apple: Right now you have to understand that the omniverse from Nvidia streamed into Vision Pro, Apple’s VR headset, is all about the enterprise. Apple is all about the consumer. So this would be a very big revenue stream. Is Apple ready for this? 5. Demand for Micron ‘s AI-focused memory chips is exceeding supply. CEO Sanjay Mehrotra has never seen this before. As Sanjay said to me: “Micron is one of the biggest beneficiaries in the semiconductor industry of the multiyear growth opportunity driven by AI.” This allocation goes to 2025 for high-bandwidth products. “The vast majority of our production supply is allocated.” “Never happened before.” Record revenue in fiscal year 2025 predicted. This guidance, plus an earnings beat , pushed shares of Micron up more than 14% in extended trading Wednesday. 6. Value retailer Five Below reported a weak fourth quarter that was marred by terrible shrinkage. The company has to get rid of these self-checkout devices. The people hate them. The non-customers steal from them. Continue to open stores at a record pace, or figure this stuff out, please. 7. Chipotle — not done. Baird takes its price target to $3,150 from $3000. This 50-to-1 stock split announced Wednesday was electric and makes sense. You want to buy liquid stocks and you don’t want to pay thousands of dollars per share. I pressed with Nvidia’s DaVinci, Jensen Huang. 8. General Mills gets multiple PT boosts. The maker of Cheerios topped Wall Street expectations on the top and bottom lines in its fiscal third quarter. This was more of a margin story than growth. 9. Mizuho lowered its price target for Club name Coterra Energy by a buck to $34 to reflect year-end reserves and 2024 guidance. This one is a horse. The firm kept its buy rating on shares. 10. Broadcom announced a new ASIC customer, its third to go with Meta and Alphabet, at its AI infrastructure conference. Broadcom said it expected to ship products to this new customer sometime in the next few months. It could be ByteDance. 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.
Steve Huffman, CEO of Reddit, delivers remarks on ‘Redesigning Reddit’ during the Web Summit in Lisbon, Portugal, Nov. 8, 2017.
2. Reddit priced its IPO on Wednesday at $34 a share, which values the 19-year-old social media company at about $6.5 billion. It is expected to make its trading debut today, under the ticker symbol “RDDT.” Will they know how to do the deal? When it will open? Can they open it? Reddit CEO Steve Huffman will be on “Squawk on the Street” at 9 a.m. ET to discuss.
3. Bloomberg reports that the U.S. Department of Justice is preparing to sue Apple as soon as this week accusing the company of violating antitrust laws. We have to be more concerned because this is the Justice Department and not the Federal Trade Commission. This has been much rumored. There has long been a belief that Apple is a monopolist when it comes to the App Store. We need to see more, but the long-standing issue is how Apple says “take it or leave it” when it comes to the deals they offer for the App Store. I have always thought that the App Store is like Costco: You want to sell in Costco, you sell on our terms. It’s worth it.
4. Apple: Right now you have to understand that the omniverse from Nvidia streamed into Vision Pro, Apple’s VR headset, is all about the enterprise. Apple is all about the consumer. So this would be a very big revenue stream. Is Apple ready for this?
5. Demand forMicron‘s AI-focused memory chips is exceeding supply. CEO Sanjay Mehrotra has never seen this before. As Sanjay said to me: “Micron is one of the biggest beneficiaries in the semiconductor industry of the multiyear growth opportunity driven by AI.” This allocation goes to 2025 for high-bandwidth products. “The vast majority of our production supply is allocated.” “Never happened before.” Record revenue in fiscal year 2025 predicted. This guidance, plus an earnings beat, pushed shares of Micron up more than 14% in extended trading Wednesday.
6. Value retailer Five Below reported a weak fourth quarter that was marred by terrible shrinkage. The company has to get rid of these self-checkout devices. The people hate them. The non-customers steal from them. Continue to open stores at a record pace, or figure this stuff out, please.
7.Chipotle — not done. Baird takes its price target to $3,150 from $3000. This 50-to-1 stock split announced Wednesday was electric and makes sense. You want to buy liquid stocks and you don’t want to pay thousands of dollars per share. I pressed with Nvidia’s DaVinci, Jensen Huang.
8.General Mills gets multiple PT boosts. The maker of Cheerios topped Wall Street expectations on the top and bottom lines in its fiscal third quarter. This was more of a margin story than growth.
9. Mizuho lowered its price target for Club name Coterra Energy by a buck to $34 to reflect year-end reserves and 2024 guidance. This one is a horse. The firm kept its buy rating on shares.
10.Broadcom announced a new ASIC customer, its third to go with Meta and Alphabet, at its AI infrastructure conference. Broadcom said it expected to ship products to this new customer sometime in the next few months. It could be ByteDance.
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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